October 07, 2009 17:05 ET

Airspan Closes Oak Series C Preferred Stock Sale

BOCA RATON, FL--(Marketwire - October 7, 2009) - Airspan Networks Inc. (PINKSHEETS: AIRO) announced that it had completed the previously announced private sale of 1,250,000 shares of its Series C Preferred Stock to Oak Investment Partners XI, Limited Partnership ("Oak") for a purchase price of $10 million in cash.

On October 7, 2009, Airspan's Board of Directors gave final approval of the closing of the Series C Preferred Stock Sale and reduced the size of the Board to five members and elected Mr. Craig N. Lang as one of three Oak designees. Mr. Lang has been Vice President, Legal Affairs, of Oak since 2007 and was previously a corporate securities attorney at Wilson Sonsini Goodrich & Rosati, P.C. He is an honors graduate of Georgetown University Law Center and has a B.A. from Washington & Lee University. As a result the Airspan Board now consists of Messrs. Bandel Carano, Michael T. Flynn, Thomas Huseby, Craig N. Lang and Eric Stonestrom.

The special meeting of shareholders convened on October 6, 2009 and was initially adjourned until October 7, 2009 as a quorum was not present. At the time of adjournment of the meeting on October 6, 2009, approximately 47% of eligible shares had been voted with 50% needed for a quorum.

The vote from the adjourned special shareholder meeting (including 16,255,890 votes of the Series B Preferred Stock owned by Oak) stood as follows at 10:00 a.m. EDT on October 7, 2009:

                             Votes For       Votes Against      Abstain
                             ---------       -------------      -------
Advisory vote to
approve the Series C        34,651,903          2,114,051       163,354
Preferred Stock Sale

Vote to approve the         34,759,852          1,995,691       173,765
Series B Amendment

The votes cast were overwhelmingly in favor of both proposals with over 93% of the shares voted on each proposal favoring that proposal. However, since a quorum was not present on October 7, the shareholders meeting was adjourned until 11:00 a.m. EDT on October 23, 2009 at the Company's offices in Boca Raton, Florida to allow more time for shareholders to vote on the Series B amendment. At the adjourned special meeting, shareholders are being asked to approve an amendment (the "Series B Amendment") to the terms of the Company's Series B Preferred Stock held by Oak to provide common shareholders the right to share in 10% of any recovery by the Series B Preferred holder in any liquidation and certain sales of the Company which would be deemed to be a liquidation under the terms of the Series B Preferred Stock. The Board has recommended that all shareholders vote for the Series B Amendment.

The Company's proxy statement has been posted on its website at the following address: http://www.airspan.com/investors_contacts.aspx. Investors and security holders are urged to read the proxy statement because it contains important information.

If you have any questions or need assistance with voting you may contact the company's proxy solicitor, Advantage Proxy toll free at 877-870-8565.

This announcement appears as a matter of record only as all of the shares of Series C Preferred Stock have been sold.

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.

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