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
Airspan Announces Delisting Timing and Intention to Continue to Publicize Financial Information
| Source: Airspan Networks Inc.
BOCA RATON, FL--(Marketwire - April 8, 2009) - Airspan Networks Inc. (NASDAQ : AIRN ), a
leading provider of WiMAX based broadband wireless access networks, today
announced that the last day of trading for its common stock on the NASDAQ
Global Market will be April 9, 2009, and that following the planned filing
of a Form 25 on April 10, 2009, the common stock will be suspended from
trading on NASDAQ as of the opening of business on April 13, 2009. Airspan
expects its stock will continue to trade in the Pink Quote System of Pink
OTC Markets Inc., under its existing symbol "AIRN."
Airspan plans to continue to provide quarterly, annual and other
information regarding the Company's performance to its shareholders via the
OTC Disclosure and News Service and through its website. Airspan will
initially trade in the Current Information tier of the Pink Quote System.
State law shareholder voting rights will not be affected by the change in
trading market and the Company plans to continue to hold annual shareholder
meetings as required by state law.
"We expect to generate significant cost savings from making this move,
which will allow us to improve our financial results," said Airspan CEO
Eric Stonestrom. "However, we currently plan to continue to provide
regular quarterly financial and other information to shareholders through
releases following our delisting and deregistration."
Airspan had previously announced its intention to delist from the NASDAQ
Global Market and deregister under the Securities Exchange Act of 1934 on
March 31, 2009.
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 Annual Report on Form 10-K for the year ended December 31,
2008, filed with the Securities and Exchange Commission on March 31, 2009.
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.