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Terabeam Wireless Signs Agreement to buy all the assets of Proxim Corporation Guarantees Ongoing Delivery of Wi-Fi and Broadband Wireless Access Solutions Terabeam and Proxim joined in to the Kenwood TK3301 purchase agreement after Proxim declared Terabeam our prime bidder within the court-approved auction held regarding the Proxim’s Chapter 11 Personal bankruptcy Filing.
The agreement between Terabeam and Proxim is anticipated to supersede Proxim’s earlier plans to market substantially all its assets to Moseley Affiliates. The transaction is susceptible to final approval through the US Personal bankruptcy Court for District of Delaware and it is likely to close on or before This summer 29, 2005. As rapidly as practical after closing, Terabeam will move its headquarters to Proxim’s San Jose facility and can assume responsibility for Proxim’s ongoing sales also for support from the Proxim products with the combined company’s worldwide distribution funnel. The combined company may have significant presence in wireless LAN for 2 Way Radios point-to-multipoint and point-to-point wireless marketplaces and can continue its product development pipeline to deal with possibilities within the WiMAX and wireless mesh marketplaces.
The parties anticipate ongoing they are driving the Proxim brands and therefore are dedicated to a seamless transition that eliminates disruption to Proxim’s clients, funnel partners, employees and providers. “This is a superb chance for Terabeam too for our particular clients and employees” states Robert Fitzgerald, ceo of Terabeam. “We’ll have the ability to offer best-of-breed wireless solutions in just about any arena, from Wi-Fi through wireless Giga-bit Ethernet. We will always be very astounded by Proxim’s distribution system, and that we anticipate growing on their own strong funnel close ties. We anticipate getting together two energetic organizations and think that we are able to accelerate product and our position on the market while keeping the financial discipline to attain lucrative procedures.” “We percieve this transaction as an chance to team having a company by having an aggressive and focused growth strategy,” stated Kevin Duffy, leader and leader officer of Proxim. “With this particular agreement, we mix our talent and technology to achieve time-to-market advantage, exceed the anticipation and needs in our combined clients, and grow the general adoption of wireless networking.” Underneath the the resource purchase agreement, Terabeam will acquire and assume the majority of the domestic and foreign procedures of Proxim for any cost of roughly $28,000,000, susceptible to certain changes and breaks.
Additionally, upon Court approval, Terabeam is obligated to supply debtor-in-possession financing, that will ultimately be subtracted on the cost. As formerly revealed in Proxim’s public filings using the Investments and Exchange Commission, consequently of Proxim’s outstanding obligations to the creditors, no arises from the purchase of Proxim’s assets is going to be given to Proxim stockholders. About Terabeam Wireless Terabeam Wireless may be the business title of YDI Wireless, Corporation. Terabeam Wireless is really a world leader in supplying extended range, license-free wireless data equipment and it is a number one designer of turnkey lengthy distance wireless systems varying from 9600 bps to at least one.42 Gbps for programs for example wi-fi, wireless video, wireless LANs, wireless WANs, wireless Guys, and wireless virtual private systems. Proxim Corporation designs and sells wireless networking equipment for Wi-Fi and broadband wireless systems.
The organization is supplying its enterprise and repair provider clients with wireless solutions for that mobile enterprise, security and surveillance, last mile access, voice and knowledge backhaul, public locations, and metropolitan area systems. This press release and much more details about Proxim are available on the internet at http://world wide web.proxim.com . Safe Harbor Claims within this pr release that aren’t claims of historic details, including claims concerning the considered purchase of Proxim’s assets and associations by Terabeam Wireless and also the publish-acquisition company’s business outlook or expected performance, items, or developments, are forward-searching claims which involve risks, questions, and presumptions. There might be no assurance the acquisition referred to in this pr release or other proper transaction between Terabeam and Proxim is going to be consummated.
Terabeam’s, Proxim’s, and also the publish-acquisition company’s actual results may vary materially in the results anticipated during these forward-searching claims. The forward-searching claims involve risks and questions that may lead to such variations including individuals relevant towards the companies’ ability and require to fulfill the circumstances to closing the transaction established within the definitive transaction documentation (including, without limitation, the necessity to have the approval from the personal bankruptcy court) the substantial some time and costs each company is going to be spending and taking on relevant to some considered transaction the capability to obtain any necessary regulating home loan approvals and clearances required to consummate a transaction developments in and results of the personal bankruptcy process, such as the possible negative effects around the companies’ business which Proxim might seek Chapter Seven personal bankruptcy protection when an alternate isn’t available Proxim’s requirement for financing throughout and thru the personal bankruptcy process and also the risk the financing provided regarding the the considered transaction is going to be inadequate ale the businesses to integrate inside a cost-effective, timely manner without material liabilities or lack of preferred employees, clients, or providers the risk the expected synergies along with other together with your transaction won’t be recognized whatsoever in order to the extent expected the danger that financial savings in the transaction might not be fully recognized.
Or they might take longer to understand than expected responses, either negative or positive, of traders, rivals, clients, providers, employees, yet others towards the transaction time and charges needed to accomplish the considered transaction for 2 way radio after which integrate the businesses management and board curiosity about and distraction because of the considered transaction and integrating the businesses the uncertain effect on the buying and selling market, volume, and cost of Terabeam’s stock, specifically in light of the quantity of Terabeam’s cash to become compensated within the transaction the recession and continuing uncertainty within the telecommunications industry and bigger economy the brilliant competition within the companies’ industries and resulting impacts on their own prices, gross margins, and general financial performance difficulties or delays in developing and delivering new items using the considered or preferred features, performance, cost, cost, along with other qualities the impacts and results of every other proper transactions Terabeam may evaluate or consummate and difficulties in predicting the publish-acquisition company’s future financial performance. More information on these and additional factors that may modify the actual outcomes of Terabeam, Proxim, or even the publish-acquisition clients are and will also be incorporated in filings made by Terabeam and Proxim every once in awhile using the Investments and Exchange Commission as well as in the companies’ other public claims.