SAN JOSE, Calif., June 29, 2000 (PRIMEZONE) -- Hybrid Networks Inc. (OTCBB:HYBR), the worldwide leader in fixed broadband wireless access systems, today announced it has reached a settlement with the Securities and Exchange Commission (SEC) relating to the SEC's investigation of Hybrid with respect to the company's fiscal-year 1997 and first-quarter 1998 financial statements.
Without admitting or denying the SEC's allegations, Hybrid has agreed to the entry of an order enjoining the company from violating the provisions of federal securities laws relating to books and records, internal controls provisions and filing false reports. The SEC's complaint did not seek monetary penalties from the company.
"With this now behind us, we can turn all of our attention to capitalizing on the numerous opportunities that exist in the rapidly growing market for fixed broadband wireless Internet access," said Michael D. Greenbaum, president and CEO of Hybrid Networks. "Our systems are in place in 47 of 52 fixed broadband wireless markets worldwide. Hybrid is therefore well-positioned to deliver the fixed-wireless solutions telecommunications companies are looking for today that can continue to meet their needs tomorrow."
About Hybrid Networks
Hybrid Networks Inc. designs, develops, manufactures and markets fixed broadband wireless systems that enable telecommunications companies to provide businesses and residences with high-speed Internet access. Headquartered in San Jose, Calif., Hybrid has more than 20,000 two-way wireless routers in use in markets worldwide. The company's technology and products are focused on the MMDS and WCS spectrum in the United States and similar spectrum abroad. Hybrid's customers include the leading telecommunications providers, wireless system operators and network service providers.
For more information call (408) 323-6215 or visit Hybrid's Web site at www.hybrid.com.
Some of the statements in this news release are forward-looking statements, and we caution our stockholders and others that these statements involve certain risks and uncertainties, including risks and uncertainties about whether Hybrid in the future will be able to maintain its leadership position in the fixed broadband wireless systems market. Factors that may cause actual results to differ from results expected or inferred from these statements include, but are not limited to, existing product rollouts or new product developments not proceeding as currently anticipated, the effects of competitive products and pricing, economic and political conditions that may impact customers' ability to fund purchases of our products and services, end-use demands for wireless communication services, and other business factors. For information regarding these risks and other related risks, see the "Risk Factors" section of Hybrid's annual report for 1999 on Form 10-K on file with the SEC.