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SMRA Somera Communications (MM)

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Share Name Share Symbol Market Type
Somera Communications (MM) NASDAQ:SMRA NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Somera Stockholders Authorize Reverse Stock Split; Board Sets 1-for-10 Split Ratio

11/04/2006 8:30pm

PR Newswire (US)


Somera Communications (NASDAQ:SMRA)
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DALLAS, April 11 /PRNewswire-FirstCall/ -- Somera Communications, Inc. (NASDAQ:SMRA) today announced that its stockholders, at the special meeting held today, authorized the Somera board of directors to effect a reverse stock split of the Company's common stock. The Company also announced that its board of directors has authorized implementation of a reverse stock split at a ratio of 1-for-10, which the Company expects to take effect prior to the open of trading on Wednesday, April 12, 2006. In the reverse split, each 10 shares of Somera's issued and outstanding common stock will automatically be combined into and become one share of common stock. No fractional shares will be issued in connection with the reverse stock split, and holders of fractional shares will receive cash in lieu of their fractional shares. After giving effect to the reverse split, the Company will have approximately 5 million shares outstanding, subject to reduction for fractional shares. The reverse split will affect all shares of Somera's common stock, including those shares underlying stock options outstanding immediately prior to the effective time of the reverse split. Somera anticipates that its common stock will begin trading on a split-adjusted basis when trading opens on Wednesday, April 12, 2006, with the interim ticker symbol "SMRA D." After 20 days, the Company expects that the "D" designation will be removed, and its ticker symbol will revert back to "SMRA." Somera's transfer agent, Mellon Investors, will mail instructions to the company's stockholders regarding the exchange of certificates for common stock. About Somera Somera Communications is a telecom asset management firm that assists service providers in generating greater value from their network assets in the form of lower operating costs, longer product life, higher productivity, and real measurable savings. Somera provides immediate availability of quality, warranted new and refurbished equipment at savings of 25% to 60%. Extending these benefits is Somera RecoveryPLUS, which deploys knowledgeable personnel, proven processes and proprietary software to each client location to provide professional discovery, valuation and asset cataloging, thereby enhancing ongoing network efficiency while improving the accuracy and quality of reports required of today's regulatory environment. In addition, Somera offers outsourced network operations, logistics, and technical service, as well as comprehensive repair services for wireless, wireline, and data products -- all at significant savings and reduced cycle times. Founded in 1995, Somera has developed an impressive base of over 1,100 customers worldwide, including the industry leaders from each segment of the telecommunications market. Visit Somera on the web at http://www.somera.com/. This news release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Somera's operating and financial results are subject to risks and uncertainties, including, but not limited to, general economic conditions particularly affecting the telecommunications industry; capital equipment spending levels in the telecommunications industry, including the risk of continued customer spending delays associated with carrier consolidation; the impact of competition in the market for supplying equipment and equipment lifecycle management services to telecommunications operators; the risk of potential shortage of product supply; and Somera's ability to build its lifecycle management services capabilities; approval of the reverse stock split proposal to be submitted to the company's stockholders; establishment and maintenance of a common stock per share price that will permit the Company to maintain the eligibility of its common stock for quotation on the Nasdaq National Market; the ability to raise additional capital on favorable terms for the Company; and other factors fully described in the company's reports to the Securities and Exchange Commission, including but not limited to, the Annual Report on Form 10-K for the fiscal year ended December, 31, 2005, and its Quarterly Reports on Form 10-Q. The company does not undertake to update any forward-looking statements that may be made by or on behalf of the company. Copies of Somera's Securities and Exchange Commission filings may be obtained by contacting Financial Relations Board at 310-854-8317 or by visiting the Investor section of Somera's web site at http://www.somera.com/. Contact: Tony Rossi Investor Relations for Somera Communications Financial Relations Board 310-854-8317 DATASOURCE: Somera Communications, Inc. CONTACT: Investor Relations, Tony Rossi of Financial Relations Board, +1-310-854-8317, for Somera Communications Web site: http://www.somera.com/

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