Airspan Announces the Resignation of Mr. Randall E. Curran as a Member of the Board of Directors and as Chairman of the Audit Committee9 July 2006
Airspan Networks, Inc. (NASDAQ: AIRN), aleading world-wide provider of WiMAX-based broadband wireless accessnetworks and carrier class Voice over Internet Protocols (VoIP) and Wi-FiHotzone systems, today announced that on July 5, 2006, Randall E. Currannotified the Board of Directors that he was resigning as a member of theCompany's Board of Directors, effective immediately. Mr. Curran served asthe Company's Audit Committee Chairman. Following Mr. Curran'sresignation, the Company's Audit Committee consists of two members. OnJuly 5, 2006, the Company provided notice to the Nasdaq regarding Mr.Curran's resignation.
In response to the Company's notice, on July 6, 2006, the Company receiveda letter from Nasdaq indicating that, in light of Mr. Curran's resignation,the Company no longer complies with the Nasdaq's audit committeecomposition requirements for continued listing as set forth in NasdaqMarketplace Rule 4350. Pursuant to Nasdaq Marketplace Rule 4350(d), theCompany's Audit Committee is required to be comprised of at least threemembers, at least one of which is financially sophisticated. In accordancewith Nasdaq Marketplace Rule 4350(d), the Nasdaq has indicated that theCompany will be provided a cure period until the earlier of the Company'snext annual shareholders' meeting or July 5, 2007, in order to regaincompliance.
The Board is seeking to fill the vacancy on the Audit Committee caused byMr. Curran's resignation and is seeking to locate another director who willqualify as an Audit Committee Financial Expert. On July 6, 2006, the Boardof Directors appointed Mr. David A. Twyver as the Chairman of the AuditCommittee. Mr. Twyver has previously served as the Chief Executive Officerof Ensemble Communications, Inc. and Metawave Communications, Inc.
About Airspan Networks
Airspan Networks provides fixed and wireless voice and data systems andsolutions, including Voice Over IP (VoIP). Its wireless products serveoperators around the world in both licensed and unlicensed frequency bandsbetween 700 MHz and 6 GHz, including both PCS and 3.5GHz internationalbands. Airspan has a strong wireless product roadmap that includesofferings compliant with the 802.11 a/b/g and the WiMAX 802.16-2004standard, including software upgradeability to Mobile WiMAX(the 802.16e-2005 standard). Airspan is on the Board and is a foundermember of the WiMAX Forum and a member of the Wi-Fi Alliance. The Companyhas deployments with more than 350 operators in more than 100 countries.Airspan's wireless systems are based on radio technology that deliversexcellent area coverage, high security and resistance to fading. Thesesystems can be deployed rapidly and cost effectively, providing anattractive alternative to traditional wired communications networks.Airspan's new AS.Tone VoIP system is a carrier class, turnkey solution thatprovides carriers with Class 4, Class 5 and IP-Centrex solutions and has aSoftswitch and Gateways supporting SIP/H323 and SIP. AS.Tone's designprovides customers, carriers, next-generation telcos, cellular providersand ITSP with a wide range of solutions with the best price/performancesystem for IP telephony. Airspan also offers radio planning, networkinstallation, integration, training and support services to facilitate thedeployment and operation of its systems. Airspan is headquartered in BocaRaton, Florida with its main operations center in Uxbridge, United Kingdom.
More information on Airspan can be found at http://www.airspan.com
For media or Investment inquiries, contact:Airspan Networks:Peter AronstamChief Financial OfficerTel: +1 561 893-8682Fax: +1 561 893-8681Email: Email Contact
SOURCE: Airspan Networks, Inc
Source: marketwire
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