Votes For Votes Against Abstain
--------- ------------- -------
Advisory vote to
approve the Series C 34,651,903 2,114,051 163,354
Preferred Stock Sale
Vote to approve the 34,759,852 1,995,691 173,765
Series B Amendment
The votes cast were overwhelmingly in favor of both proposals with over 93%
of the shares voted on each proposal favoring that proposal. However,
since a quorum was not present on October 7, the shareholders meeting was
adjourned until 11:00 a.m. EDT on October 23, 2009 at the Company's offices
in Boca Raton, Florida to allow more time for shareholders to vote on the
Series B amendment. At the adjourned special meeting, shareholders are
being asked to approve an amendment (the "Series B Amendment") to the terms
of the Company's Series B Preferred Stock held by Oak to provide common
shareholders the right to share in 10% of any recovery by the Series B
Preferred holder in any liquidation and certain sales of the Company which
would be deemed to be a liquidation under the terms of the Series B
Preferred Stock. The Board has recommended that all shareholders vote for
the Series B Amendment.
The Company's proxy statement has been posted on its website at the
following address:
http://www.airspan.com/investors_contacts.aspx. Investors and security
holders are urged to read the proxy statement because it contains important
information.
If you have any questions or need assistance with voting you may contact
the company's proxy solicitor, Advantage Proxy toll free at 877-870-8565.
This announcement appears as a matter of record only as all of the shares
of Series C Preferred Stock have been sold.
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. 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, among other things, the risks and
uncertainties described in its Annual Report on Form 10-K for the year
ended December 31, 2008, filed with the Securities and Exchange Commission.
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.
Contact Information: For Investor Relations and Media Inquiries, contact: David Brant Senior Vice President & Chief Financial Officer Airspan Networks Inc. Tel: +1 561 893-8650 Fax: +1 561 893-8681 Email: dbrant@airspan.com Charlotte Laurent-Ottomane Investor Relations Tel: +1 561 395 4581 Email: clottomane@airspan.com