Honolulu-based wireless provider Mobi PCS has reached an agreement to sell its statewide spectrum to Verizon Wireless and lease it back to continue offering voice and data to Mobi subscribers, company officials announced Wednesday.

The transfer of spectrum is part of Mobi’s long-range strategic development plan that began in 2013, the officials said in a news release.

“Transferring our spectrum opens the door to opportunities for continuing and bettering the commitment we made back in 2006 to being simple, different, better,” said Bill Jarvis, president and chief executive officer.

“The wireless world has transformed since we launched the ground-breaking idea of giving our customers unlimited service at a low, fixed price with no contracts. With the transfer of our spectrum, it’s simply the perfect time to once again look at what we can offer customers in ways as unique as when we started,” he said.

The spectrum sale is subject to approval by the Federal Communications Commission and is expected to close in the third quarter of 2014.