Votes For % Votes Against % Abstain %
---------- ---- --------- --- ------- ---
Advisory vote
to approve
the Series C
Preferred Stock
Sale 36,914,276 93.6% 2,262,861 5.7% 277,234 0.7%
Vote to approve
the Series B
Amendment 37,174,648 94.2% 2,085,578 5.3% 194,145 0.5%
The votes cast were voted overwhelmingly in favor of both proposals
however, the Series B Amendment received the affirmative vote of only 48.9%
of the votes entitled to be cast at the meeting, just short of the majority
required for passage. Oak previously agreed in connection with the
issuance of the Series C Preferred Stock to approve the Series B Amendment
by written consent in lieu of a shareholders meeting. Airspan intends to
provide an information statement to shareholders prior to the effectiveness
of the Oak written consent adopting the Series B Amendment.
Suspension of Disclosure of Financial Results
In light of the recent Series C Preferred Stock sale, Airspan has
reconsidered its approach to public disclosure of its financial results.
In order to reduce costs, protect competitive positions in bids for new
contracts and focus more closely on its business, Airspan has determined
that it will cease publicly disclosing financial information effective
immediately. As a result, Airspan will not publish financial results for
the third quarter of 2009 or the full year 2009. The Company will however
continue to press release customer and product initiatives.
Airspan expects that it will be placed in the Pink Sheets "no information"
tier by the end of 2009. Consequently, it is possible that Airspan common
stock may no longer be eligible for quotation under Rule 15c2-11 which
lists specified information, including reasonably current financial
statements (within six months), which must be available before a broker can
offer a quote for a company's common stock. Airspan's determination to
cease publicly reporting its financial information could adversely affect
the liquidity of the market for, and market prices of, its common stock.
On March 31, 2009, Airspan announced that it would delist from NASDAQ and
deregister under the Securities Exchange Act of 1934 ("Exchange Act"), and
on April 20, 2009, it filed a Form 15 to complete the deregistration
process which became effective 90 days later on July 19, 2009. Since that
time Airspan has not been subject to the reporting requirements of the
Exchange Act and is no longer required to file reports or proxy statements
or any other information thereunder. Airspan's common stock currently
trades in the "limited information" tier of the Pink Sheets.
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. 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, among other things, 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.
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.
Airspan is not subject to the reporting requirements of the Securities
Exchange Act of 1934 and does not plan to further update any information in
its previous SEC filings or financial reports.
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