SAN JOSE, Calif., July 5, 2000 (PRIMEZONE) -- Hybrid Networks Inc. (OTCBB:HYBR), the worldwide leader in fixed broadband wireless access systems, today announced that Sprint Corp. (Nasdaq:FON) and three venture-capital investors have converted $18.1 million in debentures issued in September 1999 into shares of Hybrid common stock.
After the conversion, Sprint owns 4,066,446 shares of Hybrid common stock, which represent 19.13% of the company's outstanding shares. Sprint's ownership, which includes purchase warrants, will be approximately 22.24% on a fully diluted basis.
The three venture-capital investors own 3,412,930 shares of Hybrid common stock after the conversion. This represents 16.05% of the company's outstanding shares and approximately 11.95% of fully diluted shares.
About Hybrid Networks
Hybrid Networks Inc. designs, develops, manufactures and markets fixed broadband wireless systems that enable telecommunications companies to provide businesses and residences with high-speed Internet access. Headquartered in San Jose, Calif., Hybrid has more than 20,000 two-way wireless routers in use in markets worldwide. The company's technology and products are focused on the MMDS and WCS spectrum in the United States and similar spectrum abroad. Hybrid's customers include the leading telecommunications providers, wireless system operators and network service providers.
For more information, call (408) 323-6215 or visit www.hybrid.com.
Some of the statements in this news release are forward-looking statements, and we caution our stockholders and others that these statements involve certain risks and uncertainties, including risks and uncertainties associated with the increased dilution of existing investors and the increased potential influence over Hybrid possessed by the converting debenture holders, particularly Sprint, as the result of such conversion. Factors that may cause actual results to differ from results expected or inferred from these statements include, but are not limited to, the impact of dilution on existing investors and future investment, Sprint's potential ability to exert increased influence over Hybrid in ways harmful to Hybrid in the areas of product purchases, strategic partnering or sale opportunities, and other factors set forth in the "Risk Factors: We are Largely Dependent on Sprint" section of Hybrid's annual report for 1999 on Form 10-K on file with the SEC.