SOURCE: Proxim Wireless

Proxim Wireless

January 25, 2011 08:30 ET

Lee Gopadze Becomes Proxim President and CEO

Proxim Also Receives More Flexible Credit Facility

SILICON VALLEY, CA--(Marketwire - January 25, 2011) - Proxim Wireless Corporation (PINKSHEETS: PRXM), a leading provider of complete indoor and outdoor wireless broadband systems, today announced that Lee Gopadze has been appointed as Proxim's President and Chief Executive Officer.

Mr. Gopadze is a twenty-five year wireless communications industry executive having held senior management roles at both large and small wireless communications companies. Mr. Gopadze most recently was Senior Vice President and General Manager for the Wholesale Business Division of Covad Communications. Mr. Gopadze oversaw all sales, marketing, product management, and operations for that division. Mr. Gopadze also held similar positions with Covad's Branded Business and Wireless Divisions during his 6-year tenure there.

Mr. Gopadze began his career in wireless communications in 1981. He has held a variety of senior executive positions in Marketing, Sales and Operations at the wireless subsidiaries of Metromedia Telecommunications, Southwestern Bell, and AirTouch Communications. From 1997 thru early 2000, Lee held the positions of Corporate Vice President - Marketing & Sales, Senior Vice President - Network Operations, and Senior Vice President - Corporate Planning & Development at Metricom Inc.

During his early tenure at Metricom, Mr. Gopadze was responsible for directing the company's marketing and sales strategies to transition from a consumer ISP model to a wireless broadband business to business ISP Internet access model. In 1999, as a result of his extensive wireless operations background, Lee was given operational control for all site acquisition and network deployment activities for the initial 20 markets for the Ricochet high-speed network across the United States.

In 2000, Mr. Gopadze left Metricom to co-found SkyRiver Communications Inc., a license-exempt broadband wireless carrier and served as its President and Chief Executive Officer.

Mr. Gopadze holds a B.A. from the University of California at Los Angeles and an M.A. from the University of Southern California

"With an extensive background in leading wireless communications carriers and service providers, I look forward to utilizing that knowledge and experience to lead Proxim to deliver high quality, innovative, and value-driven wireless communications infrastructure products and services," said Mr. Gopadze. "The team at Proxim is strong and creates a solid foundation upon which to build our business."

"Lee Gopadze is an experienced wireless and telecom professional evidenced by years of success with major telecom and wireless service providers," said Alan Howe, Chairman of Proxim's Board of Directors. "At his core, Lee is a veteran operator with a proven strong ability to grow the top line while systematically maintaining an efficient cost structure. Lee had tremendous success at Covad doing just that. We are fortunate to add Lee to head the Proxim team and look forward to his leadership."

Replacement Credit Facility

Proxim also announced that it has replaced its secured line of credit from Bridge Bank, N.A. with a secured credit facility of up to $5.0 million from a large stockholder. This new credit facility provides Proxim with greater borrowing flexibility. In connection with this new facility, the maturity of the subordinated debt incurred by Proxim in July 2008 was extended from July 2011 to July 2012.

About Proxim Wireless
Proxim Wireless Corporation (PINKSHEETS: PRXM) provides Wi-Fi®, WiMAX, Point-to-Multipoint and Point-to-Point Backhaul technologies for a complete indoor and outdoor wireless broadband ecosystem. Our systems enable service providers, governments and enterprises to deploy fixed and mobile security and video surveillance, indoor and outdoor Wi-Fi, business and residential internet access and cell tower backhaul. Proxim has shipped more than 2 million wireless devices to more than 250,000 customers in over 65 countries worldwide. Proxim is ISO 9001-2008 certified. For more information, visit www.proxim.com. For investor relations information, e-mail ir@proxim.com or call +1 413-584-1425.

Safe Harbor Statement
Statements in this press release that are not statements of historical facts are forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from the results anticipated in these forward-looking statements. The forward-looking statements involve risks and uncertainties that could contribute to such differences including reactions by employees, customers, suppliers, investors, and others to Mr. Gopadze and the new credit facility described in this release; our ability to finance and sustain operations; the higher interest rates and warrants issued in connection with the new credit facility; our ability to comply with the terms of the new credit facility; and difficulties or delays in supplying products with the features, performance, compliances, certifications, cost, price, quality, and other characteristics desired by customers. Further information on these and other factors that could affect Proxim's actual results is contained in the filings made by Proxim with the OTC Markets (available at www.otcmarkets.com), including without limitation in the Annual Report filed by Proxim on March 30, 2010, and is and will be contained in its other public statements, which may be available on Proxim's website (www.proxim.com).

Contact Information

  • Contact Information:
    David Renauld
    Vice President, Corporate Affairs
    Email: Email Contact
    Phone: 413-584-1425