Airspan Announces Delisting Timing and Intention to Continue to Publicize Financial Information
April 08 2009 - 4:05PM
Marketwired
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.
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
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