SOURCE: Procera Networks

Procera Networks

February 03, 2011 09:00 ET

Procera Networks Announces Effective Date of Reverse Stock Split

LOS GATOS, CA--(Marketwire - February 3, 2011) - Procera® Networks Inc. (NYSE Amex: PKT), the intelligent policy enforcement company, today announced that its 1-for-10 reverse stock split of its common stock will take effect at 5:00 p.m. ET on Friday, February 4, 2011. The Company's common stock will begin trading on a post-split basis on Monday, February 7, 2011. 

As previously announced, each outstanding 10 shares of Procera Networks' common stock will be combined into one share of common stock. Beneficial holders of the stock will see the revised share totals and revised stock price reflected on their electronic accounts. Registered holders will be advised by the Company's transfer agent to exchange their outstanding pre-split stock certificates for new ones. The reverse stock split affects all of the Company's common stock outstanding immediately prior to the effective time of the reverse stock split as well as the number of shares of common stock available for issuance under the Company's equity incentive plan. In addition, the reverse stock split will effect a reduction in the number of shares of common stock issuable upon the exercise of stock options or warrants. Fractional shares will be paid by the Company in cash at the average of the high and low trading prices of the common stock for the five days prior to the effective date of the split. In addition, the number of authorized shares of common stock will be reduced from 130 million to 32.5 million.

At the Company's 2010 Annual Meeting of Stockholders, stockholders overwhelmingly approved a series of alternative amendments to the Articles of Incorporation to effect, at the discretion of the Board, the reverse stock split of Procera Networks common stock. The purposes of the reverse stock split are to increase the per share trading price of the Company's common stock, thereby appealing to a broader range of investors.

About Procera Networks Inc.
Procera Networks Inc. delivers Intelligent Policy Enforcement (IPE) solutions, leveraging advanced Deep Packet Inspection (DPI) technology. This enables carriers, services providers and higher education institutions to improve the quality and lifetime of their networks, better monetize their infrastructure investments, control hazards, and create attractive services for their users by making qualified business decisions based on granular user and traffic intelligence. Procera's core product suite, the PacketLogic line of platforms, is an engine that drives the PCC (Policy and Charging Control) ecosystem, by enforcing advanced network and service policies. PacketLogic is deployed at more than 600 customers who value the unparalleled accuracy and high-end performance of the PacketLogic solution. Founded in 2002, Procera (NYSE Amex: PKT) is based in Silicon Valley and has offices around the globe. More information is available at www.proceranetworks.com.

Safe Harbor Statement: This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in this press release, the words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, the ability of Procera to commercialize the applicable technology and introduce products and the acceptance of those products by the market, the ability of resellers to sell the Procera products, market conditions, the general acceptance of the Company's products and technologies, competitive factors, timing, and other risks described in the Company's reports and filings with the SEC from time to time.

Procera Networks is a registered trademark, and PacketLogic and DRDL are trademarks of Procera Networks, Inc. All rights reserved. All other products or brands mentioned are trademarks and/or service marks of their respective owners.

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