Airnet Communications (NASDAQ:ANCC)
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AirNet Communications Corporation (NASDAQ:ANCC)
announced that it plans to file a voluntary petition for relief under
Chapter 11 of the Federal Bankruptcy Code in the Middle District of
Florida today. The filing is in response to continuing adverse market
conditions.
While under Chapter 11, AirNet Communications plans to operate its
business in the ordinary course under the protection of the bankruptcy
court while seeking to work out a plan of reorganization that is in
the best interests of its customers, employees, creditors and
shareholders. If a plan of reorganization is filed with the bankruptcy
court, the Company expects to emerge as a privately held company.
AirNet Communications remains committed to marketing, selling,
maintaining and further enhancing its award winning line of GSM base
station products and services. The Company intends to fulfill existing
domestic and international customer contracts for both products and
services. AirNet also announced that no further reductions in the
Company's workforce are planned at this time.
About AirNet
AirNet Communications Corporation is a supplier of wireless base
stations and other telecommunications equipment that allow service
operators to cost-effectively and simultaneously offer high-speed
wireless data and voice services to mobile subscribers. AirNet's
patented broadband, software-defined AdaptaCell(R) SuperCapacity(TM)
adaptive array base station solution provides a high-capacity base
station with a software upgrade path to high-speed data. The Company's
RapidCell(TM) base station provides government communications users
with up to 96 voice and data channels in a compact, rapidly deployable
design capable of processing multiple GSM protocols simultaneously.
The Company's AirSite(R) Backhaul Free(TM) base station carries
wireless voice and data signals back to the wireline network,
eliminating the need for a physical backhaul link, thus reducing
operating costs. AirNet has 68 patents issued or filed; and has
received the coveted World Award for Best Radio Access Product in 2006
and for Best Technical Innovation in 1998 from the GSM Association,
representing over 400 operators around the world. More information
about AirNet may be obtained by visiting the AirNet Web site at
http://www.airnetcom.com.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995 and Other Applicable Law
Certain statements in this news release may constitute
forward-looking statements within the meaning of the United States
Private Securities Litigation Reform Act of 1995 (the Reform Act),
Section 27A of the United States Securities Act of 1933 and Section
21E of the United States Securities and Exchange Act of 1934. These
forward-looking statements may relate to anticipated financial
performance, management's plans and objectives for future operations,
business prospects, market conditions, financial forecasts and other
matters. All statements contained in this news release that do not
relate to matters of historical fact should be considered
forward-looking statements, and are generally identified by words such
as "anticipate", "prospects", "believe", "estimate", "expect",
"intend", "plan" and "objective" and other similar expressions.
Readers should not place undue reliance on the forward-looking
statements contained in this news release. Such statements are based
on management's beliefs and assumptions and on information currently
available to management and are subject to risks, uncertainties and
changes in condition, significance, value and effect. Such risks or
uncertainties include the following: the Company's high level of debt
and leverage, the effect on vendors, customers, and shareholders of
the Company's decision to voluntarily file for protection under
Chapter 11 of the federal bankruptcy laws, the Company's dependence on
key personnel; competition in the Company's markets; the structure and
terms of the Company's plan of reorganization (which has yet to be
formulated); if the Company is unable to collect outstanding and
projected receivables from existing customers, the Company may not
have adequate time to formulate and execute a reorganization plan; if
the Company is unable to secure debtor-in-possession financing, the
Company may not file a plan of reorganization and elect to proceed
with an orderly wind down of its business operations; the common
stockholders of the Company may not receive any value for their
holdings under a plan of reorganization; the Company's creditors may
force the Company to cease operations and/or liquidate and the Company
may not be able to continue to operate as a going concern in the
absence of new sales or additional investment capital. A further
discussion of risks are detailed in reports and documents filed by the
Company with the United States Securities and Exchange Commission.
Such risks, uncertainties and changes in condition, significance,
value and effect, many of which are beyond the Company's control,
could cause the Company's actual results and other future events to
differ materially from those anticipated. The Company does not,
however, assume any obligation to update these forward-looking
statements to reflect actual results, changes in assumptions or
changes in other factors affecting such forward-looking statements.
The stylized AirNet mark, AirNet(R), AdaptaCell(R) and AirSite(R)
are registered trademarks with the U.S. Patent and Trademark Office.
Super Capacity(TM), iBSS(TM), RapidCell(TM) and Backhaul Free(TM), are
trademarks of AirNet Communications Corporation. Other names are
registered trademarks or trademarks of their respective companies or
organizations.