Melbourne, Florida, June 27, 2001 - AirNet Communications Corporation (NASDAQ:ANCC) today announced a restructuring plan that will take effect immediately.
Over 25% of the company's employees and contractors will be affected by the restructuring. The Company has a target of reducing its overall expenses by approximately 30%.
"The downturn in the telecommunications and wireless industries has had a tremendous impact on everyone's business," said Lee Hamilton, president and chief executive officer of AirNet Communications. "We decided to take steps now to reduce the Company's overall operating expenses."
The Company anticipates that it will take a restructuring charge, not yet determined, in the second quarter of fiscal 2001.
The statements contained in this press release that are not historical information are forward-looking statements that relate to future events or our future financial performance, including statements regarding our expectations, beliefs, plans, estimates, intentions or strategies for the future. All forward-looking statements included in this release are based upon information available to AirNet Communications Corporation as of the date hereof and we assume no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties, which could cause our actual results to differ materially from those projected. Potential risks and uncertainties include, but are not limited to, our lengthy and variable sales cycle, intense competition, government regulation, our reliance on a limited number of suppliers, and product errors and defects. These and other risks are discussed in Company filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2000.
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AirNet® and AirSite® are registered trademarks with the U.S. Patent and Trademark Office. The stylized AirNet mark, AdaptaCell, Super Capacity, Backhaul Free, and We're Ready for Anything are trademarks of AirNet Communications Corporation. Other names are registered trademarks or trademarks of their respective companies or organizations.
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