Airspan Announces Shareholder Approval of Reverse Stock Split
BOCA RATON, FL--(Marketwire - December 17, 2008) - Airspan Networks Inc. (NASDAQ: AIRN), a
leading provider of WiMAX based broadband wireless access networks, today
announced that in a Special Meeting of Shareholders on December 16, 2008,
its shareholders overwhelmingly approved a consolidation of the Company's
common shares, also known as a reverse stock split. With close to 85% of
eligible votes being cast, shareholders voted more than 94% in favor of the
principal consolidation resolution. The other two resolutions were also
approved.
The shareholders voted to amend the Company's Articles of Incorporation,
giving its Board of Directors the authority to effect a reverse stock split
at a ratio to be determined within a range of one-for-five shares to
one-for-fifteen shares in order to decrease the number of issued and
outstanding shares of common Stock. No set date has been established for a
reverse stock split at this point.
"We are pleased that our shareholders have given our Board of Directors
approval to affect a reverse stock split at such time they deem it
necessary and appropriate," said Eric Stonestrom, Airspan's Chief Executive
Officer. "We are currently executing our aggressive cost reduction program
wherein we expect to reduce our operating expenses to $10 million by the
end of Q109, which would represent a reduction of over 20% from third
quarter 2008. Our cost reduction program is being driven by the objective
to reach profitability while maintaining a strong technology roadmap."
Airspan plays a leading role in the growing WiMAX market. In addition to
serving traditional telephone carriers, the company has been actively
expanding the vertical segments for its products, including new initiatives
in defense, public safety, and the oil and gas segments. WiMAX is gaining
momentum in these segments as these industrial groups look to reduce their
dependence on traditional carriers for their communication needs. With a
comprehensive portfolio of world class products, Airspan has solutions for
operators deploying wireless broadband in any frequency band. With core
competence and strength in technological innovation, Airspan develops
leading-edge broadband solutions for high-speed Internet access and
IP-telephony. Airspan currently has deployments in over 100 countries
worldwide.
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 within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. 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 the risks and uncertainties described in its filings
with the Securities and Exchange Commission, including its Annual Report on
Form 10-K for the year ended December 31, 2007 and Quarterly Reports on
Form 10-Q for 2008. 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
Tel: +1 561 893-8650
Fax: +1 561 893-8681
Email: dbrant@airspan.com
Charlotte Laurent-Ottomane
Investor Relations
Tel. +561 395 4581
Email: clottomane@airspan.com