AirNet Communications Announces Plans for Voluntary Chapter 11 Filing
22 5월 2006 - 8:59PM
Business Wire
AirNet Communications Corporation (NASDAQ:ANCC) announced that it
plans to file a voluntary petition for relief under Chapter 11 of
the Federal Bankruptcy Code in the Middle District of Florida
today. The filing is in response to continuing adverse market
conditions. While under Chapter 11, AirNet Communications plans to
operate its business in the ordinary course under the protection of
the bankruptcy court while seeking to work out a plan of
reorganization that is in the best interests of its customers,
employees, creditors and shareholders. If a plan of reorganization
is filed with the bankruptcy court, the Company expects to emerge
as a privately held company. AirNet Communications remains
committed to marketing, selling, maintaining and further enhancing
its award winning line of GSM base station products and services.
The Company intends to fulfill existing domestic and international
customer contracts for both products and services. AirNet also
announced that no further reductions in the Company's workforce are
planned at this time. About AirNet AirNet Communications
Corporation is a supplier of wireless base stations and other
telecommunications equipment that allow service operators to
cost-effectively and simultaneously offer high-speed wireless data
and voice services to mobile subscribers. AirNet's patented
broadband, software-defined AdaptaCell(R) SuperCapacity(TM)
adaptive array base station solution provides a high-capacity base
station with a software upgrade path to high-speed data. The
Company's RapidCell(TM) base station provides government
communications users with up to 96 voice and data channels in a
compact, rapidly deployable design capable of processing multiple
GSM protocols simultaneously. The Company's AirSite(R) Backhaul
Free(TM) base station carries wireless voice and data signals back
to the wireline network, eliminating the need for a physical
backhaul link, thus reducing operating costs. AirNet has 68 patents
issued or filed; and has received the coveted World Award for Best
Radio Access Product in 2006 and for Best Technical Innovation in
1998 from the GSM Association, representing over 400 operators
around the world. More information about AirNet may be obtained by
visiting the AirNet Web site at http://www.airnetcom.com. Safe
Harbor Statement Under the Private Securities Litigation Reform Act
of 1995 and Other Applicable Law Certain statements in this news
release may constitute forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 (the Reform Act), Section 27A of the United States
Securities Act of 1933 and Section 21E of the United States
Securities and Exchange Act of 1934. These forward-looking
statements may relate to anticipated financial performance,
management's plans and objectives for future operations, business
prospects, market conditions, financial forecasts and other
matters. All statements contained in this news release that do not
relate to matters of historical fact should be considered
forward-looking statements, and are generally identified by words
such as "anticipate", "prospects", "believe", "estimate", "expect",
"intend", "plan" and "objective" and other similar expressions.
Readers should not place undue reliance on the forward-looking
statements contained in this news release. Such statements are
based on management's beliefs and assumptions and on information
currently available to management and are subject to risks,
uncertainties and changes in condition, significance, value and
effect. Such risks or uncertainties include the following: the
Company's high level of debt and leverage, the effect on vendors,
customers, and shareholders of the Company's decision to
voluntarily file for protection under Chapter 11 of the federal
bankruptcy laws, the Company's dependence on key personnel;
competition in the Company's markets; the structure and terms of
the Company's plan of reorganization (which has yet to be
formulated); if the Company is unable to collect outstanding and
projected receivables from existing customers, the Company may not
have adequate time to formulate and execute a reorganization plan;
if the Company is unable to secure debtor-in-possession financing,
the Company may not file a plan of reorganization and elect to
proceed with an orderly wind down of its business operations; the
common stockholders of the Company may not receive any value for
their holdings under a plan of reorganization; the Company's
creditors may force the Company to cease operations and/or
liquidate and the Company may not be able to continue to operate as
a going concern in the absence of new sales or additional
investment capital. A further discussion of risks are detailed in
reports and documents filed by the Company with the United States
Securities and Exchange Commission. Such risks, uncertainties and
changes in condition, significance, value and effect, many of which
are beyond the Company's control, could cause the Company's actual
results and other future events to differ materially from those
anticipated. The Company does not, however, assume any obligation
to update these forward-looking statements to reflect actual
results, changes in assumptions or changes in other factors
affecting such forward-looking statements. The stylized AirNet
mark, AirNet(R), AdaptaCell(R) and AirSite(R) are registered
trademarks with the U.S. Patent and Trademark Office. Super
Capacity(TM), iBSS(TM), RapidCell(TM) and Backhaul Free(TM), are
trademarks of AirNet Communications Corporation. Other names are
registered trademarks or trademarks of their respective companies
or organizations.
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