EXHIBIT 99.1

                        PRICE COMMUNICATIONS CORPORATION
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NEWS RELEASE                                          Contact:

  July 19, 2002                                       Robert Price
                                                      212-757-5600

                        PRICE COMMUNICATIONS CORPORATION
                    ANNOUNCES UPDATED ESTIMATE OF PREFERRED
                                     RETURN

      Price Communications Corporation (NYSE:PR) announced today updated
estimates regarding the preferred return on the limited partnership interest
described in the Proxy Statement/Prospectus dated June 7, 2002. Under the
agreement forming the new partnership, Verizon Wireless of the East, any profits
of Verizon Wireless of the East are to be allocated on a preferred basis to
Price Communications' capital account up to an amount equal to approximately
4.00% per annum. This maximum rate of profit allocation is subject to downward
adjustment to cover a portion of the interest payable on a $350 million loan
that Verizon Wireless of the East intends to obtain concurrently with the
closing of the acquisition. Recent events in the capital markets have increased
the borrowing costs for telecommunications companies generally. As a result, the
cost of obtaining the $350 million loan is currently expected to be higher than
originally estimated and these increased costs are expected to reduce the
maximum preferred return to approximately 3.10%. This estimate is based on
preliminary discussions with potential lenders. The actual final costs of the
financing may vary from these estimates and therefore, the maximum preferred
return may vary from this estimate.

      Price Communications Corporation operates cellular telephone systems in
sixteen licensed service areas in Florida, Alabama, Georgia and South Carolina,
covering approximately 3.4 million POPs. It operates under the
CELLULARONE-Registered Trademark- service mark and participates in the North
American Cellular Network. It began operation of cellular properties in 1988. It
has entered into an agreement with Verizon Wireless to sell its cellular
telephone systems by exchanging the assets of its Price Communications Wireless
subsidiary for a preferred limited partnership interest in a new partnership
controlled by Verizon Wireless. This interest will later be exchangeable into
the common stock of Verizon Wireless upon completion of an IPO or the common
stock of Verizon Communications, Inc. The transaction has received FCC approval
and is now awaiting shareholder approval at its annual meeting of shareholders
to be held on July 23, 2002 with a closing expected on or about August 7, 2002
and redemption of debt to occur on the following day.

      Price Communications Corporation is a New York Stock Exchange public
company and it will continue to be listed on the New York Stock Exchange. It is
also traded on the Chicago Stock Exchange (symbol: PR.M), the Boston Stock
Exchange (symbol: PR.B), the Pacific Stock Exchange (symbol: PR.P), and trades
in Euros on the Frankfurt and Munich Stock Exchanges. It is headquartered in New
York City.


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