Alvarion® Announces Sale of Claims Right against Nortel Networks Limited
Alvarion® Announces Sale of Claims Right against Nortel Networks Limited
Company will record a capital gain of approximately $5.2 million in the third quarter of 2012
TEL AVIV, Israel--(BUSINESS WIRE)-- Alvarion®Ltd. (NAS: ALVR) , a global provider of optimized wireless broadband solutions addressing the connectivity, coverage and capacity challenges of public and private networks, announced today that it has signed a definitive agreement to sell its claims right against Nortel Networks Limited for a total of approximately $5.2 million. Closing is expected to take place within 10 days.
"We are pleased with the resolution of our claim against Nortel and the additional cash infusion into the company," said Lior Shemesh, Chief Financial Officer of Alvarion. "Together with the funds received from the IP sale we completed a couple of weeks ago, we significantly strengthened our balance sheet and are in a better position to execute our turnaround plan."
The Company will record a capital gain of approximately $5.2 million in the third quarter of 2012 in connection with this activity.
About Alvarion
Alvarion Ltd. (NAS: ALVR) provides optimized wireless broadband solutions addressing the connectivity, coverage and capacity challenges of telecom operators, smart cities, security, and enterprise customers. Our innovative solutions are based on multiple technologies across licensed and unlicensed spectrums. (www.alvarion.com)
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of Alvarion's management and are subject to various factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: our failure to fully implement our 2012 turnaround plan, our inability to reallocate our resources and rationalize our business in a more efficient manner, potential impact on our business of the current globalmacro-economic uncertainties, the inability of our customers to obtain credit to purchase our products as a result of global credit market conditions, the failure to fund projects under the U.S. broadband stimulus program, continued delays in 4G license allocation in certain countries; the failure of the products for the 4G market to develop as anticipated; our inability to capture market share in the expected growth of the 4G market as anticipated, due to, among other things, competitive reasons or failure to execute in our sales, marketing or manufacturing objectives; the failure of our strategic initiatives to enable us to more effectively capitalize on market opportunities as anticipated; delays in the receipt of orders from customers and in the delivery by us of such orders; our failure to fully and effectively integrate the business and technology of Wavion Inc., acquired by us in November 2011, into our products and realize the expected synergies from the acquisition; the failure of the markets for our (including Wavion's) products to grow as anticipated; our inability to further identify, develop and achieve success for new products, services and technologies; increased competition and its effect on pricing, spending, third-party relationships and revenues; our inability to establish and maintain relationships with commerce, advertising, marketing, and technology providers; our inability to comply with covenants included in our financing agreements; our inability to raise sufficient funds to continue our operations, either through equity issuances or asset sales; and other risks detailed from time to time in the Company's annual reports on Form 20-F as well as in other filings with the U.S. Securities and Exchange Commission.
Information set forth in this press release pertaining to third parties has not been independently verified by Alvarion and is based solely on publicly available information or on information provided to Alvarion by such third parties for inclusion in this press release. The web sites appearing in this press release are not and will not be included or incorporated by reference in any filing made by Alvarion with the U.S. Securities and Exchange Commission, which this press release will be a part of.
You may request Alvarion's future press releases by contacting Sivan Farfuri,sivan.farfuri@alvarion.comor +972.3.767.4333. Please see the Investor section of the Alvarion website for more information:http://www.alvarion.com/investors.
Alvarion®, its logo and certain names, product and service names referenced herein are either registered trademarks, trademarks, trade names or service marks of Alvarion Ltd. in certain jurisdictions.All other names are or may be the trademarks of their respective owners.
Alvarion Ltd.
Investors:
Lior Shemesh, CFO, +1-760-685-2007
lior.shemesh@alvarion.com
or
Elana Holzman, VP IR, +972-3-645-9872
elana.holzman@alvarion.com
or
Press:
In the U.S.:
John Conrad, +1-703-390-1538
conrad@merrittgrp.com
KEYWORDS: United States North America California New York Middle East Israel
INDUSTRY KEYWORDS:
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