Endwave Completes Repurchase of Shares from Wood River Funds
December 26 2007 - 8:30AM
PR Newswire (US)
SAN JOSE, Calif., Dec. 26 /PRNewswire-FirstCall/ -- Endwave
Corporation (NASDAQ:ENWV) today announced that it has consummated
the purchase of shares under the previously-announced stock
purchase agreement with the Wood River Funds. Under the stock
purchase agreement, Endwave acquired 2,502,247 shares of Endwave
common stock held by the Wood River Funds. The remaining 1,600,000
shares of Endwave common stock held by the Wood River Funds were
sold to institutional investors. The price per share paid by
Endwave in the share repurchase was $6.83. The receiver, on behalf
of the Wood River entities, has reimbursed Endwave $300,000 for
professional expenses incurred by Endwave and the mutual releases
of claims set forth in the amended and restated settlement
agreement have become effective. "After two years of uncertainty,
we are pleased to reach a final resolution with the Receiver for
the Wood River Funds," said Ed Keible, Endwave's President and
Chief Executive Officer. "We believe this repurchase will improve
the liquidity of our common stock and eliminates the overhang that
has concerned many of our stockholders." About Endwave Endwave
Corporation designs, manufactures and markets RF modules that
enable the transmission, reception and processing of high-frequency
signals in telecommunications networks, defense electronics and
homeland security systems. Our RF modules are typically used in
high-frequency applications and include integrated transceivers,
amplifiers, synthesizers, oscillators, up and down converters,
frequency multipliers and microwave switch arrays. Endwave has 42
issued patents covering its core technologies including
semiconductor and proprietary circuit designs. Endwave Corporation
is headquartered in San Jose, CA, with operations in Diamond
Springs, CA; El Dorado Hills, CA; Andover, MA; and Chiang Mai,
Thailand. Additional information about the company can be accessed
from the company's web site. "Safe Harbor" Statement under the
Private Securities Litigation Reform Act of 1995: This press
release may contain forward-looking statements within the meaning
of the Federal securities laws and is subject to the safe harbor
created thereby. Forward-looking statements are based on
management's current preliminary expectations and are subject to
risks, uncertainties and assumptions. Forward-looking statements
contained in this press release should be considered in light of
those factors discussed from time to time in Endwave's public
reports filed with the Securities and Exchange Commission, such as
those discussed under "Risk Factors" in Endwave's most recent
Annual Report on Form 10-K, and subsequently-filed reports on Form
10-Q. Endwave does not undertake any obligation to update such
forward-looking statements. Contact: Mary McGowan Summit IR Group,
Inc. 408-404-5401 DATASOURCE: Endwave Corporation CONTACT: Mary
McGowan of Summit IR Group, Inc., +1-408-404-5401, , for Endwave
Corporation Web site: http://www.endwave.com/
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