Proxim Corporation Announces Agreement to Sell Substantially All Assets to Moseley Associates, Inc.
12 6월 2005 - 6:39AM
PR Newswire (US)
Proxim Corporation Announces Agreement to Sell Substantially All
Assets to Moseley Associates, Inc. Ensures continued delivery of
Wi-Fi and broadband wireless access solutions SUNNYVALE, Calif.,
June 11 /PRNewswire-FirstCall/ -- Proxim Corporation (NASDAQ:PROX),
a leading provider of Wi-Fi and broadband wireless equipment,
announced today that it has entered into an asset purchase
agreement whereby Moseley Associates, Inc. will acquire
substantially all assets of Proxim. Under the agreement, Moseley
will acquire and assume most of the domestic and foreign operations
of Proxim for a purchase price of $21 million, subject to certain
adjustments and deductions. The sale will be implemented through
Proxim's filing of a chapter 11 bankruptcy case in the United
States Bankruptcy Court for the District of Delaware and subject to
court confirmation and overbidding procedures. In connection with
the sale, Moseley also has agreed to provide Proxim with bridge
financing in the principal amount of up to $6.2 million, to be
offset against the purchase price. Under the terms of the
transaction as contemplated, no proceeds of the sale are expected
to be distributed to Proxim stockholders. The contemplated
acquisition by Moseley would be expected to preserve most of
Proxim's operations. Moseley and Proxim believe there are
significant synergies and advantages to the combination of their
businesses. Proxim's focus on Wi-Fi, WiMAX and broadband wireless
access for enterprises and service providers has resulted in
solutions for the mobile enterprise, last mile access, metropolitan
area networks, public safety, and voice and data backhaul.
Combining Proxim's offerings with Moseley's diversified global
product lines will enable Moseley to offer an expanded and
differentiated portfolio of wireless products covering spectrum
from 200 MHz to 38 GHz. "This proposed acquisition is a
continuation of our strategy to be a global, diversified and
profitable leader in the wireless marketplace," said Jamal Hamdani,
president and chief executive officer of Moseley. "Proxim's
pioneering leadership in license-exempt technologies and the 802.11
a, b, and g wireless access marketplace will significantly enhance
our product portfolio. Proxim's strong global distribution channels
and understanding of low-cost manufacturing will accelerate our
growth and fortify our position as one of the industry's preeminent
suppliers." "Our principal post-acquisition focus will be to earn
the trust and respect of Proxim's customers, suppliers, partners,
and employees," continued Mr. Hamdani. "We intend to fully support
all of Proxim's existing customers and product warranties. Our plan
includes providing an invigorating and exciting work environment
for Proxim's employees as well." Moseley was ranked for the past
three years on the Deloitte Technology Fast 500, a ranking of the
500 fastest growing technology companies in North America. From
1999-2003 the company grew 529%. Upon completion of the
transaction, Proxim will be a wholly-owned subsidiary of Moseley,
joining Moseley's subsidiaries Microwave Data Systems, Axxcelera
Broadband Wireless and CarrierComm, all acquired within the past 5
years. The combined company will have revenues approaching US $200
million. About Moseley Associates Moseley is an ISO 9001 company
with offices in Santa Barbara, California; Rochester, New York;
China; United Kingdom; and Brazil. Distributors and agents in over
100 countries augment Moseley's 300 employees, including over 100
engineers. Moseley has more than 800,000 ETSI-, FCC-, Anatel-, IC-,
UL-, and CE-approved radios deployed in over 120 countries.
Profitable for each year of its operation, Moseley has grown from
revenues of US $8 million and EBITDA of $1 million in 1996 to
revenue of over US $90 million and EBITDA of $20 million in 2004.
Moseley and its wholly owned subsidiaries Microwave Data Systems
(2000 acquisition), Axxcelera Broadband Wireless (2001
acquisition), and CarrierComm (2002 acquisition) now offer wireless
solutions from 9.6 kbps to 311 Mbps covering the 200 MHz to 38 GHz
spectrum for both point-to-point and point-to-multipoint
applications for the broadcast, industrial, broadband enterprise,
and service provider marketplaces. Moseley uses proprietary
technologies with more than 200 patents of its own. Moseley's
products are built at many of its own world class manufacturing
facilities in the United States. Extensive HALT and HASS processes
are used to ensure best in class quality. For more information
about Moseley, please visit Moseley's web site at
http://www.moseleysb.com/ . About Proxim Proxim Corporation designs
and sells wireless networking equipment for Wi-Fi and broadband
wireless networks. The company is providing its enterprise and
service provider customers with wireless solutions for the mobile
enterprise, security and surveillance, last mile access, voice and
data backhaul, public hot spots, and metropolitan area networks.
This press release and more information about Proxim can be found
on the Web at http://www.proxim.com/ . Safe Harbor This press
release contains forward-looking statements, as that term is
defined in the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include the Company's expectation
regarding the results of its bankruptcy filings and the
consummation of an asset sale with Moseley and are subject to risks
and uncertainties that could cause actual results to differ
materially. These risks and uncertainties include, but are not
limited to: decisions and actions of the bankruptcy court,
developments in and effects of the bankruptcy process, including
the possibility of Proxim's failure to meet conditions to the
closing of the transaction and that Proxim might file Chapter 7
bankruptcy protection in the event that neither the transaction
with Moseley nor any competing offers are available, Proxim's
operating and financial performance, including degradations of
performance leading to purchase price adjustments, Proxim's need
for financing during and through the bankruptcy process and the
risk that the financing provided in connection with the
contemplated transaction will be insufficient, the risk that
Proxim's customers, vendors, suppliers and employees will react
negatively to the transaction or the context of the transaction and
other risks and uncertainties associated with Proxim's business,
Moseley's business and the bankruptcy proceedings. For additional
information regarding risks relating to Proxim's business, see
Proxim Corporation's Form 10-K for the year ended December 31,
2004, Form 10-Q for the quarter ended April 1, 2005 and current
reports on Form 8-K, and other relevant materials filed by Proxim
with the Securities and Exchange Commission. Proxim assumes no
obligation and does not intend to update these forward-looking
statements. DATASOURCE: Proxim Corporation CONTACT: Susan Trout of
Proxim Corporate, +1-408-542-5366; or Liz Atesman of Moseley
Associates, Inc., +1-805-968-9621 Web site: http://www.proxim.com/
http://www.moseleysb.com/
Copyright
Proxim (NASDAQ:PROX)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Proxim (NASDAQ:PROX)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024