SOURCE: Airspan Networks, Inc.

September 21, 2007 08:54 ET

Airspan Networks Announces the Sale of 15 Million Shares of Common Stock

BOCA RATON, FL--(Marketwire - September 21, 2007) - Airspan Networks Inc. (NASDAQ: AIRN), a leading worldwide provider of WiMAX and Wi-Fi based broadband wireless access networks, today announced that it has sold 15,000,000 shares of common stock in an underwritten public offering at a price of $2.00 per share. Needham & Company, LLC acted as book-running manager in this offering and Stephens Inc. acted as co-manager. All of the shares are being sold by the company. Net proceeds will be used to fund the continued expansion of the company's WiMAX business and for general corporate purposes. The offering was made under the company's effective shelf registration statement covering up to $50,000,000 of equity securities previously filed with the Securities and Exchange Commission. The underwriters have been granted a 30 day option to purchase up to an additional 2,250,000 shares of common stock from the company to cover over-allotments, if any.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. This offering of shares of common stock may be made only by means of the prospectus supplement and accompanying prospectus which has been filed with the Securities and Exchange Commission. When available, copies of the final prospectus supplement and accompanying prospectus may be obtained from Needham & Company, LLC, 445 Park Avenue, New York, NY 10022, telephone 212-371-8300.

About Airspan Networks Inc.

Airspan Networks provides wireless voice and broadband data systems and solutions for the fixed and mobile WiMAX and Wi-Fi markets, including Voice Over IP (VoIP). Its wireless products serve operators around the world in both licensed and unlicensed frequency bands between 700 MHz and 6 GHz. Airspan has a strong wireless product roadmap that includes WiMAX Forum Certified equipment and products meeting 802.11 a/b/g Wi-Fi standards. Airspan's HiperMAX and MicroMAX base station products support portable and mobile 802.16e-2005 WiMAX alongside fixed and nomadic 802.16-2004 products. Airspan products also include "self install" and professionally installed customer premise equipment. Airspan is on the Board and is a founder member of the WiMAX Forum and a member of the Wi-Fi Alliance. The Company has deployments in more than 100 countries with more than 400 operators, 100 of which use Airspan's WiMAX Forum Certified and non-certified products. Airspan's wireless systems are based on radio technology that delivers excellent area coverage, high security and resistance to fading. These systems can be deployed rapidly and cost effectively, providing an attractive alternative to traditional wired communications networks. Airspan also offers radio planning, network installation, integration, training and support services to facilitate the deployment and operation of its systems. Airspan is an international telecommunications equipment provider headquartered in Boca Raton, Florida. More information on Airspan can be found at http://www.airspan.com.

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: Email Contact