SANTA CLARA, Calif.,
Sept. 15 /PRNewswire-FirstCall/ --
Aviat Networks, Inc. ("Aviat," Nasdaq: AVNW), a leading wireless
expert in advanced IP network migration, today announced that it
has reached a settlement agreement with Ramius Value and
Opportunity Advisors LLC, a subsidiary of Ramius LLC (together with
its affiliates, "Ramius").
Under the terms of the settlement agreement, Aviat Networks will
include one candidate recommended by Ramius as a nominee on
management's slate for election at the Annual Meeting. The nominee
would serve as an independent director of the Company. Aviat
Network's Board of Directors will consist of eight directors, seven
of which will be independent. The Aviat Networks 2010 Annual
Meeting will be held on November 9,
2010, at the Company's headquarters in Santa Clara, California. Ramius, which
beneficially owns approximately 7.6% of Aviat Networks' outstanding
shares, has agreed to vote its shares in favor of each of the
Board's nominees at the 2010 Annual Meeting and has agreed to
certain, limited standstill restrictions.
"We believe that open dialogue with our shareholders is
essential as we continue to execute our restructuring plan and
outline our strategic vision for Aviat Networks," said Chuck Kissner, Chairman and CEO of Aviat
Networks. "Ramius is an important investor and we believe
that this agreement aligns the interests of management and all of
Aviat Networks' shareholders. We expect the Ramius nominee will be
an asset to the Company and we look forward to working with him as
we continue building out a platform to drive sustainable,
profitable revenue growth and enhanced shareholder value through
innovation, prudent cost management and operational
excellence."
Peter A. Feld, Managing Director
of Ramius, added, "We are pleased to have worked constructively
with Aviat Networks with the shared goal of enhancing value for all
shareholders. With the recently announced management change and
cost reduction initiatives, we believe the Company is on track to
significantly improve operating performance and profitability. We
are confident that our nominee will provide valuable insight as the
Company drives towards the goal of generating profitable
growth."
About Ramius LLC
Ramius LLC is an investment advisor that manages assets in a
variety of alternative investment strategies. Ramius LLC is
headquartered in New York with
offices located in London,
Luxembourg, Tokyo, Hong
Kong and Munich.
About Aviat Networks, Inc.
Aviat Networks, Inc. (Nasdaq: AVNW), previously known as Harris
Stratex Networks, Inc. is a leading wireless expert in advanced IP
network migration, building the foundation for the 4G/LTE broadband
future. We offer best-of-breed wireless transmission solutions
including LTE-ready microwave backhaul and a complete portfolio of
essential service options that enable wireless public and private
telecommunications operators to deliver advanced data, voice and
video and mobility services around the world. Aviat Networks is
agile and adaptive to anticipate what's coming to help our
customers make the right choices, and our products and services are
designed for flexible evolution, no matter what the future brings.
With global reach and local presence on the ground we work by the
side of our customers, allowing them to quickly and cost
effectively seize new market and service opportunities, while
managing migration toward an all- IP future. For more information,
please visit www.aviatnetworks.com or join the dialogue at
www.twitter.com/aviatnetworks.
Forward-Looking Statements
The information contained in this document includes
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 21E of the
Securities Exchange Act and Section 27A of the Securities Act. All
statements, trend analyses and other information contained herein
about the markets for the services and products of Aviat Networks
and trends in revenue, as well as other statements identified by
the use of forward-looking terminology, including "anticipated",
"believe", "plan", "estimate", "expect", "goal", "will", "see",
"continues", "delivering", "view", and "intend", or the negative of
these terms or other similar expressions, constitute
forward-looking statements. These forward-looking statements are
based on estimates reflecting the current beliefs of the senior
management of Aviat Networks. These forward-looking statements
involve a number of risks and uncertainties that could cause actual
results to differ materially from those suggested by the
forward-looking statements. Forward-looking statements should
therefore be considered in light of various important factors,
including those set forth in this document. Important factors that
could cause actual results to differ materially from estimates or
projections contained in the forward-looking statements include the
following:
- continued weakness in the global economy affecting customer
spending;
- continued price erosion as a result of increased competition
in the microwave transmission industry;
- the impact of the volume, timing and customer, product and
geographic mix of our product orders may have an impact on our
operating results;
- our ability to maintain projected product rollouts, product
functionality, anticipated cost reductions or market acceptance of
planned products;
- retention of our key personnel;
- our ability to achieve business plans for Aviat
Networks;
- our ability to manage and maintain key customer
relationships;
- uncertain economic conditions in the telecommunications
sector combined with operator and supplier consolidation;
- our future litigation costs and expenses;
- the ability of our subcontractors to perform or our key
suppliers to manufacture or deliver material;
- the timing or our receipt of payment or products or services
from our customers;
- our failure to protect our intellectual property rights or
defend against intellectual property infringement claims by
others;
- the effects of currency and interest rate risks;
and
- the impact of political, economic and geographic risks on
international sales.
For more information regarding the risks and uncertainties
for our business, see "Risk Factors" in our form 10-K filed with
the U.S. Securities and Exchange Commission ("SEC") on September 9, 2010 as well as other reports filed
by Aviat Networks, Inc., previously known as Harris Stratex
Networks, Inc., with the SEC from time to time. Aviat Networks
undertakes no obligation to update publicly any forward-looking
statement for any reason, except as required by law, even as new
information becomes available or other events occur in the
future.
SOURCE Aviat Networks, Inc.
Copyright . 15 PR Newswire