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Proxim Shareholders Approve Investment Agreement with Warburg Pincus and Broadview Capital Partners
SUNNYVALE, Calif., Dec. 15 /PRNewswire-FirstCall/ -- Proxim Corporation(NASDAQ-NMS
ROX) (Nasdaq: PROX), a global leader in wireless networking equipment for Wi-Fi and wide area networks, today announced that at a special meeting of shareholders held in Sunnyvale, California, its shareholders approved terms of the company's securities purchase agreement with Warburg Pincus and Broadview Capital Partners. This securities purchase agreement includes the $30 million secured promissory notes issued to these investors by Proxim in July 2003, as well as an additional $10 million in secured promissory notes that Proxim may issue to these investors at Proxim's option. The final tally of shareholder votes cast was 98 percent in favor.
Proxim shareholders approved the issuance of Proxim Series B preferred stock upon each investor's exercise of the right to exchange its outstanding notes with an aggregate principal amount of $30 million, plus accrued but unpaid interest, as well as upon each investor's exercise of the right to exchange any senior notes that Proxim may issue to the investors with an aggregate principal amount of up to $10 million, plus accrued but unpaid interest. In addition, shareholders approved the issuance to these investors of warrants to purchase an aggregate of 24 million shares of Proxim common stock. Terms of Proxim's securities purchase agreement with Warburg Pincus and Broadview Capital Partners were announced in an October 2, 2003 press release issued by Proxim, and detailed in its Proxy Statement, issued to all shareholders of record on November 12, 2003.
"We are gratified by the decisive shareholder approval of Warburg Pincus' and Broadview Capital Partners' further investment in Proxim," said Frank Plastina, Chief Executive Officer and President of Proxim. "This financial support represents our investors' continued confidence in Proxim's Wi-Fi and broadband wireless portfolio, overall business strategy and global market opportunities."
About Proxim
Proxim Corporation(NASDAQ-NMS
ROX) is a global leader in wireless networking equipment for Wi-Fi and wide area networks. The company is providing its enterprise and service provider customers with wireless solutions for public hot spots, voice and data backhaul, enterprise campuses, security and surveillance, last mile access and mobile professionals. This press release and more information about Proxim can be found on the Web at
www.proxim.com.