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Judge Gives Wave Wireless Thru June 29 To Draft Ch 11 Plan
8:37 AM EST February 15, 2007
By Carol McCleary
Of DOW JONES NEWSWIRES
A federal judge gave wireless broadband developer Wave Wireless Corp. four more months to draft a Chapter 11 reorganization plan.
Judge Peter J. Walsh of the U.S. Bankruptcy Court in Wilmington, Del., on Wednesday granted the company's request for an extension through June 29 of its exclusive right to file a plan.
The extension, which drew no opposition, gives Wave Wireless more time to prepare a plan without the threat of competing plans. Walsh's order also extends the company's exclusive right to solicit plan votes by four months, through Aug. 31.
Since filing for Chapter 11 protection last October, the company has focused its efforts on shedding assets tied to unprofitable product lines.
Wave Wireless, in court papers seeking an exclusivity extension, said that it has also been negotiating with the creditor committee and its secured lender over the terms of a reorganization plan that would enable the company to exit bankruptcy protection as a going-concern.
"Negotiations concerning the terms of an amicable plan are ongoing, and the [company] is cautiously optimistic that a consensual plan will be proposed," Wave Wireless said.
The San Jose, Calif.-based company filed for Chapter 11 protection Oct. 31, 2006, listing assets of $1 million and debts of $5 million.
Wave Wireless was founded in 1992 as P-Com Inc. The company changed its name to Wave Wireless in August 2005.
The company sold the operating subsidiaries of its 900-megahertz business unit, Wave Rider Communications, to Canada's VCom Inc. (VCM.T) in July 2006 for $1.3 million.
-Carol McCleary, Dow Jones Newswires; 202-862-7100; carol.mccleary@dowjones.com
Hello <font color="#C0C0C0" size="5"> TESTING
Watching this since the 10th., takes very little to move. Bump the ask it upticks. With vol. could rocket. imo.
Another good day, it seems the mm's let it slide back for a few days so that some asks would start appearing again and then they take them all out in two hours. Something is brewing with this stock, don't know what yet. It doesn't rise from the dead with this kind of volume and action for nothing.
That would be very nice, it sure seemed to rise up from the grave on Friday. A rise in share price with volume. Got to love that recipe.
it could be a really powerful run!
Coming out of bankruptcy reorg
.<font color=red face="STCaiyun" size=10>HELLO!
<font color="#C0C0C0" size="5" face="YouYuan">test
Doesn't look so good. Selling off more every day.
Mind you, so is the whole market.
*Wave Rider continues to do well, what a great stock
Go WaveRider!!!
this stock is just exploding since I got in at .03!!!!!!!!!
WAVR had erns were nil then now they are 3.5 mil per Q. They are a small compay but what interested me is that they are well postioned in Wimax, which will be a standard application in he next 3 years. They are able to go head to head in preformance and price with ALVR in this area.
Wave Wireless and WaveRider Announce Intent to Merge
Combined Company to Offer Robust Suite of Wireless Broadband Solutions Focused on Rapidly Growing Markets
SAN JOSE, Calif. and TORONTO, Nov. 17 /PRNewswire-FirstCall/ -- Wave Wireless Corporation (OTC Bulletin Board: WVWC) and WaveRider Communications (OTC Bulletin Board: WAVR) today announced that they have executed a letter of intent that sets forth the preliminary terms and conditions of a proposed merger transaction between Wave Wireless and WaveRider.
The proposed merger brings together Wave Wireless' SPEEDLAN(TM) family of 2.4GHz, 4.9GHz and 5.8GHz mesh networking products and WaveRider's Last Mile Solution(R) non-line-of-sight, fixed and mobile wireless 900MHz products to provide customers with a wide range of line-of-sight and non-line-of-sight products and services, and positions the combined company as a leading worldwide provider of robust, wireless broadband applications and solutions.
Under the terms of the letter of intent, Charles W. Brown and T. Scott Worthington, WaveRider's Chief Executive Officer and Chief Financial Officer, will assume their respective positions in the newly merged company. The board of directors of the combined company will include three directors from each of WaveRider and Wave Wireless, and one newly appointed independent member. The companies expect to complete the proposed merger in the first quarter of 2006. The closing of the transaction is subject to certain conditions, including necessary regulatory, board and shareholder approvals, execution of a definitive merger agreement and the completion of due diligence.
'The proposed combination will result in a broad product offering that serves a large and diverse mix of customers throughout the world,' said Charles W. Brown, Chief Executive Officer of WaveRider Communications. 'This will position the merged company to address multiple market opportunities with its enhanced service offerings and product portfolio, which will include fixed wireless, mesh and mobile wireless products for multiple applications serving the WISP, telecommunications, government, Homeland Security, and safety and surveillance markets.'
Wave Wireless Acting CEO Dan Rumsey said: 'We believe that the merger of Wave Wireless and WaveRider is a superb strategic fit that brings together complementary business lines, engineering skills, sales and marketing capabilities and innovative technology recognized as best in its class. With the substantial cost savings resulting from the proposed merger, the new company will be well-positioned to expand sales and marketing initiatives, achieve near-term profitability, and increase shareholder value, as it capitalizes on the accelerating demand for robust, high speed wireless connectivity solutions.'
The non-binding letter of intent preliminarily calls for WaveRider's security holders to exchange their ownership interest in WaveRider for Wave Wireless common stock and securities convertible into Wave Wireless common stock, with the intent that each company's security holders would end up holding approximately 50% of the combined company on a fully diluted, as converted basis.
About WaveRider Communications Inc
WaveRider Communications Inc. (www.waverider.com) is a leader in broadband wireless deployments and technologies. WaveRider's Last Mile Solution(R) non- line-of-sight 900 MHz and 5.8 GHz networks enable communications providers to establish full-saturation coverage networks, deliver advanced communications services, and generate a rapid return on their investment. WaveRider is committed to the development of standards-based wireless technologies that support advanced applications and address the needs of the North American and International markets. WaveRider is traded on the OTC Bulletin Board, under the symbol WAVR.
About Wave Wireless Corporation
Wave Wireless develops, manufactures, and markets highly secure and reliable wireless mesh routers to the telecommunications market worldwide. The Company's wireless mesh routers are designed to combine high performance, multiple operating frequencies and hardware AES encryption to provide networking professionals with the most flexible, scalable and robust mesh routers for integrated network requirements of Internet access and private networks including security and surveillance requirements. Cellular and personal communications service (PCS) providers utilize the Company's repair and maintenance business for a full range of services required to support technical issues associated with the installation, maintenance and operation of refurbished legacy Wave Wireless licensed products. Wave Wireless is traded on the OTC Bulletin Board, under the symbol WVWC. For more information visit www.wavewireless.com or call 408-943-4200.
Safe Harbor Statement
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to anticipated revenues, expenses, earnings, operating cash flows, the outlook for Wave Wireless' or WaveRider's markets and the demand for their products. Factors that could cause Wave Wireless' or WaveRider's actual results to differ materially from these forward-looking statements include the ability to achieve positive cash flow; their deteriorating cash position and their need to raise additional capital, and whether that capital is available on acceptable terms, if at all; the continued intense competition resulting in lower average selling prices; fluctuations in customer demand; reliance upon subcontractors; the timing of new technology and product introductions; and the risk of early obsolescence; and Wave Wireless' dependence on the sale of refurbished licensed radio products. Please refer to our reports and filings with the Securities and Exchange Commission, including our reports on Form 10-K, 10-KSB, 10-Q, 10-QSB and 8-K, for a further discussion of these risks and uncertainties. We also caution you there can be no assurance that the merger will be consummated or, if consummated, that it will be consummated on the terms set forth in the letter of intent. Also, do not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made or to reflect the occurrence of unanticipated events.
Participants in Solicitation
Wave Wireless, WaveRider, and their respective directors, executive officers, and other employees may be deemed to be participants in the solicitation of proxies from WaveRider shareholders with respect to the proposed transaction. Information about Wave Wireless' directors and executive officers is available in Wave Wireless' proxy statement for its 2005 annual meeting of shareholders, dated July 13, 2005. Information about WaveRider's directors and executive officers is available in WaveRider's annual report on Form 10-KSB for the year ended December 31, 2004. Additional information about the interests of potential participants will be included in the registration statement and proxy statement and other materials filed with the SEC.
Additional Information
Wave Wireless intends to file a registration statement, including a proxy statement of WaveRider, and other materials with the Securities and Exchange Commission ('SEC') in connection with the proposed transaction. We urge investors to read these documents when they become available because they will contain important information. Investors will be able to obtain free copies of the registration statement and proxy statement, as well as other filed documents containing information about Wave Wireless and WaveRider, at www.sec.gov, the SEC's website. Investors may also obtain free copies of these documents at www.wavewireless.com/about/investors.html. Free copies of WaveRider's filings are available at www.waverider.com/ .
Media Contact: Wave Wireless Investor Contact: Wave Wireless
Greg Berardi Dan Rumsey
Blue Marlin Partners Acting Chief Executive Officer
415-239-7826 408-943-4200
greg@bluemarlinpartners.com dan.rumsey@wavewireless.com
Media and Investor Contact: WaveRider
Scott Worthington
Chief Financial Officer
416-502-3200
sworthington@waverider.com
SOURCE Wave Wireless Corporation
Source: PR Newswire (November 17, 2005 - 9:00 AM EST)
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Croman, perhas not to 15 bucks but it has already had a HUGE run in the past few days and I wouldnt count out a $1 or more (pending the finalization of this merger).
This is ONE HOT STOCK , and I knew it was only a matter of time!
I was in waverider years ago when it went from .75 to 15.00 + .
Does anybody believe the company has what it takes to repeat that preformance?
It seems that others are catching on as WAVR was up 48% yesterday and %18 today. It was a $2.60 stock 2 years ago.
yes and you pay WAY more for ALVR shares. eom
Last night on MAD MONEY, JIM TOUTED ALVR. WAVERIDER is in direct compition with ALVR in the WIMAX arena. Waverider has a pdf report comparing their system with ALVR. ALVR @ $8.83 on 11/18/05 WAVR $.065. One note, ALVR has approximately $50mm in Revenue per Quater and WAVR has $3mm per Quater.
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<p><font size="4" color="#FF0000">NO NEWS YET!!!</font></p>
OS share updated on the board for April 27 2005. eom
LOW OS, only approx 20 mill HUGE run potential! eom
keep an eye on WAVC....its already a potential HUGE gainer, although it may be volitile for awhile...if that stock drops to .04 - .05 I am adding BIG TIME.
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