Texas-based Crest Financial Limited has announced that, along with certain affiliates, it has increased its stake in US WiMAX-turned-Long Term Evolution (LTE) provider Clearwire to 7.88%. The Crest group reported its Clearwire holdings – equivalent to 38,844,560 shares of Class A Common Stock – to the Securities and Exchange Commission (SEC) on 1 June 2012, after increasing its stake on 22 May. Crest has also taken the opportunity to distance itself from news reports casting doubts over its commitment to Clearwire, pointing out that it acquired an initial equity interest in then privately-held Clearwire in 2004, maintaining its position following Clearwire’s IPO in 2007. Jason Woods, president of Crest Capital Ventures, commented: ‘As one of the early investors in the business, Crest believed, and continues to believe, that Clearwire has a significant opportunity in the market. We are convinced that Clearwire’s operating model and asset portfolio are undervalued’.