Exhibit 99.1

UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET

      On January 14, 2005, First Avenue Networks, Inc. (“First Avenue”) completed its acquisition of substantially all of the fixed wireless assets and assumption of certain related liabilities of Teligent, Inc. and its wholly-owned subsidiary, Teligent Services, Inc. (collectively, “Teligent”). The acquisition was made pursuant to an Amended and Restated Asset Purchase Agreement, dated as of January 13, 2005. The assets acquired from Teligent included 24 GHz spectrum licenses, radio equipment and the infrastructure supporting the fixed wireless operations including an operational cellular backhaul network in New York City. In consideration for these assets, First Avenue issued 25.2 million shares of common stock and a warrant to purchase up to 2.5 million additional shares of common stock. An owner of 12% of First Avenue’s common stock also held a controlling interest in Teligent at the time of closing. The acquisition is being accounted for as a purchase of assets acquired and liabilities assumed recorded at fair value.

      The following Unaudited Pro Forma Consolidated Balance Sheet as of December 31, 2004 gives effect to the acquisition of certain assets and assumption of liabilities of Teligent as if the acquisition had been consummated on December 31, 2004. Certain assumptions and adjustments have been made and are described in the Notes to the Unaudited Pro Forma Consolidated Balance Sheet and should be read in conjunction with the historical financial statements and accompanying disclosures contained in First Avenue’s December 31, 2004 consolidated financial statements and notes thereto on Form 10-K and Teligent’s historical financial statement of assets acquired and liabilities assumed as of September 30, 2004 and the twelve months ended December 31, 2003 and notes thereto.

      The Unaudited Pro Forma Consolidated Balance Sheet does not reflect future events that may occur after the acquisition has been completed. As a result of the assumptions, and the inherent nature of estimates and uncertainties, the accompanying Notes to the Unaudited Pro Forma Consolidated Balance Sheet do not purport to describe the actual financial condition that would have been achieved had the acquisition in fact occurred on December 31, 2004.

FIRST AVENUE NETWORKS, INC. AND SUBSIDIARIES
Unaudited Pro Forma Consolidated Balance Sheet
As of December 31, 2004
(in thousands)

				Teligent
				(Assets Acquired
	First Avenue			and Liabilities		Pro Forma
	(Historical)			Assumed)		Adjustments			Pro Forma
Current assets:
Cash and cash equivalents	$	80,398		$	1,135	$	(180	)(1)	$	81,353
Accounts receivable, net		42			119		(37	)(2)		124
Prepaid expenses and other current assets		282			—		—			282
Inventory		273			—		—			273
Total current assets		80,995			1,254		(217	)		82,032
Property and equipment, net of accumulated depreciation		25			3,160		(1,793	)(2)		1,392
FCC licenses		21,662			20,312		18,688	(2)		60,662
Goodwill		—			—		90,854	(2)		90,854
Other assets		899			56		(894	)(1)		61
Total assets	$	103,581		$	24,782	$	106,638		$	235,001
Current liabilities:
Accounts payable		40			—		—			40
Accrued compensation and benefits		271			—		—			271
Accrued taxes other than income		350			—		—			350
Deferred revenue, current portion		60			119		—			179
Other accrued liabilities		220			269		—			489
Total current liabilities		941			388		—			1,329
Deferred revenue, less current portion		250			245		—			495
Other long-term liabilities		—			605		—			605
Accrued taxes other than income taxes, less current portion		3,760			20		—			3,780
Total liabilities		4,951			1,258		—			6,209
Commitments and contingencies
Stockholders’ equity:
Common stock		34			—		25	(1)		59
Additional paid-in capital		145,029			—		130,137	(1)		275,166
Accumulated deficit		(46,433	)		—		—			(46,433	)
Excess of assets acquired over liabilities assumed		—			23,524		(23,524	)		—
Total stockholders’ equity		98,630			23,524		106.638			228,792
Total liabilities and stockholders’ equity	$	103,581		$	24,782	$	106,638		$	235,001

See notes to the unaudited pro forma consolidated balance sheet

FIRST AVENUE NETWORKS, INC. AND SUBSIDIARIES
Notes to the Unaudited Pro Forma Consolidated Balance Sheet
As of December 31, 2004

The unaudited pro forma consolidated balance sheet gives effect to the following unaudited pro forma adjustments:

1.   Adjustments reflect the issuance of 25.2 million shares of common stock and Class A Warrants to purchase up to 2.5 million additional shares of common stock (dollars in thousands):

Fair value of common stock	$	121,067
Fair value of warrants		9,095
Total		130,162
Acquisition costs		1,074
Total purchase price	$	131,236

	The warrant entitles the holder to subscribe for and purchase from the Company shares of its common stock at the prices ranging from $1.98 to $2.40 per share depending upon the exercise date. The warrant terminates on June 28, 2009 unless earlier terminated pursuant to the terms and conditions of the warrant. Using the Black-Scholes option pricing model, assuming no dividends, a one and one half year life, a risk free interest rate of 3.53% and a volatility of 131%, the value of warrants issued in connection with the acquisition is $9.1 million.
2.	Adjustments reflect management’s allocation of the purchase price for the acquired assets and assumed liabilities. A third party valuation firm was retained to assist in the valuation of the acquired 24 GHz licenses and assessed the fair market value at $39 million.
	The following table summarizes the purchase price allocation (dollars in thousands):

	Amount			Lives
Cash and cash equivalents	$	1,135		N.A.
Accounts receivable		82		N.A.
Undeployed equipment		1,243		N.A.
Property and equipment		124		3 years
FCC licenses		39,000		Indefinite
Goodwill		90,854		Indefinite
Other assets		56		N.A.
Current liabilities		(388	)	N.A.
Accrued taxes other than income		(20	)	N.A.
Other non-current liabilities		(850	)	N.A.
Net assets acquired	$	131,236

3.   First Avenue acquired substantially all of the fixed wireless assets and assumed certain related liabilities of Teligent. As of December 31, 2004, the historic value of the acquired assets exceeded the liabilities assumed by $23.5 million. In connection with the purchase price allocation, First Avenue has eliminated the excess of assets acquired over liabilities assumed.