Airspan Announces Shareholder Approval of Reverse Stock Split
December 17 2008 - 1:41PM
Marketwired
Airspan Networks Inc. (NASDAQ: AIRN), a leading provider of WiMAX
based broadband wireless access networks, today announced that in a
Special Meeting of Shareholders on December 16, 2008, its
shareholders overwhelmingly approved a consolidation of the
Company's common shares, also known as a reverse stock split. With
close to 85% of eligible votes being cast, shareholders voted more
than 94% in favor of the principal consolidation resolution. The
other two resolutions were also approved.
The shareholders voted to amend the Company's Articles of
Incorporation, giving its Board of Directors the authority to
effect a reverse stock split at a ratio to be determined within a
range of one-for-five shares to one-for-fifteen shares in order to
decrease the number of issued and outstanding shares of common
Stock. No set date has been established for a reverse stock split
at this point.
"We are pleased that our shareholders have given our Board of
Directors approval to affect a reverse stock split at such time
they deem it necessary and appropriate," said Eric Stonestrom,
Airspan's Chief Executive Officer. "We are currently executing our
aggressive cost reduction program wherein we expect to reduce our
operating expenses to $10 million by the end of Q109, which would
represent a reduction of over 20% from third quarter 2008. Our cost
reduction program is being driven by the objective to reach
profitability while maintaining a strong technology roadmap."
Airspan plays a leading role in the growing WiMAX market. In
addition to serving traditional telephone carriers, the company has
been actively expanding the vertical segments for its products,
including new initiatives in defense, public safety, and the oil
and gas segments. WiMAX is gaining momentum in these segments as
these industrial groups look to reduce their dependence on
traditional carriers for their communication needs. With a
comprehensive portfolio of world class products, Airspan has
solutions for operators deploying wireless broadband in any
frequency band. With core competence and strength in technological
innovation, Airspan develops leading-edge broadband solutions for
high-speed Internet access and IP-telephony. Airspan currently has
deployments in over 100 countries worldwide.
About Airspan Networks Inc.
Airspan is a leading WiMAX pure player and the solution-provider
of choice for some of the world's largest WiMAX deployments.
Developing leading-edge technology for broadband access and
IP-telephony, Airspan continues to supply operators around the
world with best-of-breed solutions. With direct sales offices
throughout Asia, EMEA and the Americas, a worldwide network of
resellers and agents, and partnership alliances with major OEMs,
Airspan boasts over 100 commercial WiMAX deployments worldwide.
www.airspan.com.
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements,
other than statements of historical facts, including statements
regarding our strategy, future operations, financial position,
future revenues, projected costs, prospects, plans and objectives
of management, may be deemed to be forward-looking statements. The
words "anticipates," "believes," "estimates," "expects," "intends,"
"may," "plans," "projects," "will," "would" and similar expressions
or negative variations thereof are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. We may not actually
achieve the plans, intentions or expectations disclosed in our
forward-looking statements and you should not place undue reliance
on our forward-looking statements. There are a number of important
factors that could cause actual results or events to differ
materially from the plans, intentions and expectations disclosed in
the forward-looking statements we make. Investors and others are
therefore cautioned that a variety of factors, including certain
risks, may affect our business and cause actual results to differ
materially from those set forth in the forward-looking statements.
The Company is subject to the risks and uncertainties described in
its filings with the Securities and Exchange Commission, including
its Annual Report on Form 10-K for the year ended December 31, 2007
and Quarterly Reports on Form 10-Q for 2008. You should read those
factors as being applicable to all related forward-looking
statements wherever they appear in this press release. We do not
assume any obligation to update any forward-looking statements.
For Investor Relations and Media Inquiries, contact: David Brant
Senior Vice President & Chief Financial Officer Tel: +1 561
893-8650 Fax: +1 561 893-8681 Email: dbrant@airspan.com Charlotte
Laurent-Ottomane Investor Relations Tel. +561 395 4581 Email:
clottomane@airspan.com
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