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P-COMPosterior Communicating
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1-415-896-6820, for P-Com; or Dan Rumsey, General Counsel and Acting CFO of P-Com, Inc.
The point-to-point, spread spectrum, and point-to-multipoint radio links provided by P-Com are designed to satisfy the network requirements of cellular and personal communications services, corporate communications, public utilities and local governments.
Nanjing Putian Wireless selected P-Com because of its proven track record of engineering excellence and in providing reliable, cost-effective wireless broadband products to the market.
There can be no assurance that any merger or other strategic transaction will be consummated between P-Com and Telaxis.
The renewal of our line of credit with Silicon Valley Bank provides the company with additional liquidity, and gives us greater flexibility to pursue opportunities in the marketplace as we aggressively focus on developing and marketing our products," said P-Com Acting CFO Daniel Rumsey.
P-Com and Telaxis cannot predict whether any merger or other strategic combination between the two companies will be completed due to the risks and uncertainties relating to their ability and desire to negotiate and sign a new merger or other similar agreement and to satisfy the conditions to the closing of the transaction that would be set forth in that new agreement.
Over the past two years, P-Com has successfully completed a comprehensive financial restructuring that has eliminated a substantial portion of its short-term debt and all of its long-term debt, significantly reduced expenses, and disposed of certain non-performing assets and business units.
P-Com received several orders late in the third quarter which will be processed and shipped in the fourth quarter," said P-Com Chairman George Roberts.
The completion of the offer to holders of its outstanding warrants achieved several important objectives -- enabling P-Com to raise working capital while decreasing the number of fully-diluted shares outstanding, reducing the number of outstanding convertible securities, and further streamlining the company's capital structure," said P-Com General Counsel and Acting CFO Dan Rumsey.
Under the restructuring plan, P-Com Italia will focus on research and development, and the manufacturing of specific component parts, while outsourcing certain repair operations to NORT S.
CONTACT: Dan Rumsey, General Counsel & Acting CFO of P-Com, Inc.