P-Com Shareholders Approve Management Resolutions
Wednesday December 3, 6:15 am ET
CAMPBELL, Calif., Dec. 3 /PRNewswire-FirstCall/ -- P-Com, Inc. (OTC Bulletin Board: PCOM - News), a worldwide provider of wireless telecom products and services, today announced that shareholders approved a number of resolutions, including several to facilitate the previously announced acquisition of certain assets and liabilities of SPEEDCOM Wireless Corporation (OTC Bulletin Board: SPWC - News).
Shareholders approved the following:
-- An amendment to P-Com's certificate of incorporation to increase the
authorized common stock of P-Com from 69,000,000 shares to
700,000,000 shares;
-- An amendment to P-Com's certificate of incorporation to implement a
reverse split of P-Com's common stock at a ratio between 1-for-10 and
1-for-30, at such time as determined by P-Com's Board of Directors;
-- An amendment to P-Com's bylaws to permit the issuance of securities
that are convertible, exercisable or exchangeable into shares of P-Com
common stock at a conversion, exercise or exchange price per share that
is subject to downward adjustment without having to obtain the approval
of the holders of a majority of P-Com's common stock;
-- Approval of the price-based anti-dilution feature of some of P-Com's
outstanding convertible preferred stock and warrants, which were issued
in connection with previous private financing transactions;
-- Amendments to P-Com's 1995 Stock Option/Stock Issuance Plan to increase
the number of shares of P-Com common stock reserved for issuance under
the Stock Option Plan from 5,786,000 shares to 77,786,000 shares, and
to extend the term of the Stock Option Plan from 10 years to 15 years;
-- The election of John Hawkins and Samuel Smookler to the Board of
Directors of P-Com, to serve for a term of three years, expiring at the
2006 annual meeting; and
-- The ratification of Aidman Piser & Company as independent auditors of
P-Com.
"We are extremely appreciative of our shareholders' support. The resolutions approved today are important steps in our restructuring, and completing the acquisition of assets from SPEEDCOM's Wave Wireless Networking division," said Sam Smookler, Chief Executive Officer of P-Com.
In June, P-Com announced a definitive agreement to acquire the operating assets and certain liabilities of Wave Wireless Networking. The acquisition enables P-COM to expand its highly regarded spread spectrum product line with SPEEDCOM's mesh technology in its SPEEDLAN 9000 series, featured with 128-bit AES encryption. The acquisition will also enable P-Com to expand its distribution network and to grow the existing business relationships between SPEEDCOM and its customers.
About P-Com, Inc.
P-Com, Inc. develops, manufactures, and markets point-to-point, spread spectrum and point-to-multipoint, wireless access systems to the worldwide telecommunications market. P-Com broadband wireless access systems are designed to satisfy the high-speed, integrated network requirements of Internet access associated with Business to Business and E-Commerce business processes. Cellular and personal communications service (PCS) providers utilize P-Com point-to-point systems to provide backhaul between base stations and mobile switching centers. Government, utility, and business entities use P-Com systems in public and private network applications. For more information visit www.p-com.com or call 408-866-3660.
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