Airspan Networks Announces the Sale of 15 Million Shares of Common Stock
BOCA RATON, FL--(Marketwire - September 21, 2007) - Airspan Networks Inc. (NASDAQ: AIRN), a
leading worldwide provider of WiMAX and Wi-Fi based broadband wireless
access networks, today announced that it has sold 15,000,000 shares of
common stock in an underwritten public offering at a price of $2.00 per
share. Needham & Company, LLC acted as book-running manager in this
offering and Stephens Inc. acted as co-manager. All of the shares are
being sold by the company. Net proceeds will be used to fund the continued
expansion of the company's WiMAX business and for general corporate
purposes. The offering was made under the company's effective shelf
registration statement covering up to $50,000,000 of equity securities
previously filed with the Securities and Exchange Commission. The
underwriters have been granted a 30 day option to purchase up to an
additional 2,250,000 shares of common stock from the company to cover
over-allotments, if any.
This press release does not constitute an offer to sell or the solicitation
of an offer to buy any securities, nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws
of any such state. This offering of shares of common stock may be made only
by means of the prospectus supplement and accompanying prospectus which has
been filed with the Securities and Exchange Commission. When available,
copies of the final prospectus supplement and accompanying prospectus may
be obtained from Needham & Company, LLC, 445 Park Avenue, New York, NY
10022, telephone 212-371-8300.
About Airspan Networks Inc.
Airspan Networks provides wireless voice and broadband data systems and
solutions for the fixed and mobile WiMAX and Wi-Fi markets, including Voice
Over IP (VoIP). Its wireless products serve operators around the world in
both licensed and unlicensed frequency bands between 700 MHz and 6 GHz.
Airspan has a strong wireless product roadmap that includes WiMAX Forum
Certified equipment and products meeting 802.11 a/b/g Wi-Fi standards.
Airspan's HiperMAX and MicroMAX base station products support portable and
mobile 802.16e-2005 WiMAX alongside fixed and nomadic 802.16-2004 products.
Airspan products also include "self install" and professionally installed
customer premise equipment. Airspan is on the Board and is a founder
member of the WiMAX Forum and a member of the Wi-Fi Alliance. The Company
has deployments in more than 100 countries with more than 400 operators,
100 of which use Airspan's WiMAX Forum Certified and non-certified
products. Airspan's wireless systems are based on radio technology that
delivers excellent area coverage, high security and resistance to fading.
These systems can be deployed rapidly and cost effectively, providing an
attractive alternative to traditional wired communications networks.
Airspan also offers radio planning, network installation, integration,
training and support services to facilitate the deployment and operation of
its systems. Airspan is an international telecommunications equipment
provider headquartered in Boca Raton, Florida. More information on Airspan
can be found at http://www.airspan.com.
Contact Information: For Investor Relations and Media Inquiries, contact:
Senior Vice President & Chief Financial Officer
Airspan Networks Inc.
Tel: +1 561 893-8650
Fax: +1 561 893-8681