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Technology Stocks : ALVR - Alvarion Ltd.(formerly BRZE)

ALVR 5.460

+2.4%

Nov 14 3:59 PM EST

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From: Labrador	6/23/2005 6:20:07 AM
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The Jerusalem Post June 22, 2005, Wednesday SECTION: ECONOMICS; Pg. 17 LENGTH: 562 words HEADLINE: Alvarion targets sales of $ 1 billion within 3-5 years. CEO Zvi Slonimsky resigns to take a 'shmita' BYLINE: Yigal Grayeff BODY: Tel Aviv-based Alvarion a maker of broadband wireless equipment has set itself a target of increasing annual sales to $ 1 billion within three-to-five years from $ 201.5 million in 2004 outgoing chief executive officer Zvi Slonimsky said Tuesday. He made his remarks in an interview following the company's disclosure that he was resigning as CEO and that he would be replaced by president and chief operating officer Tzvika Friedman in October. The market didn't react favorably to the news of Slonimsky's resignation as shares closed down 1.7 percent at NIS 46.07 on the Tel Aviv Stock Exchange and were down 1.6% at $ 10.30 in early afternoon trading on Nasdaq. Slonimsky 56 said he was leaving his job to take a shmita, or break and that now was an opportune time. He said this was because the company was considering a new multiyear strategy that might involve structural changes that would move it further into the field of mobile telecommunications infrastructure. "The time has come to take a time-out and to take some air he said. I have wanted to take a time-out for a long time but it has never been a good time for the company. However now it has reached a point where it will make the next step which will be to launch a strategy for the next three to five years. "We are thinking of moving into the mobile area and it will become more pronounced in 2006. In order to move in 2006 you need to prepare in 2005 he said. Slonimsky declined to provide more details of Alvarion's plans, saying it was still formulating them. When we will finalize it we will let everybody know he said. Asked whether the company will appoint a new COO, Slonimsky said, Maybe yes maybe no maybe maybe." Alvarion develops Broadband Wireless Access (BWA) products and has a market share of more than 30%. BWA provides a complementary solution to ADSL and cable modems giving carriers mobility and independence from the limiting land-line infrastructure. It also develops WiMAX technology that is designed to provide wireless Internet access to areas with radii of up to 50 kilometers. This builds on the Wifi model which creates hot spots for Internet access and provides a wireless extension to cable and DSL in specific locations such as businesses homes or airports. Slonimsky said the company was considering a number of ways in which it could increase its revenue. In an interview in April he said the company's strategy was to grow through acquisitions and that in the long term it would look to buy complementary businesses to add to last November's $ 40.5m. purchase of Interwave Communications. He also said Alvarion was targeting growth of 25% in 2005 after reporting net profit of $ 851 0 and revenue growth of 58% in 2004. Slonimsky he said he would stay with the company as a director although he had no ambitions to return to an executive management position. "When you give the torch to somebody you don't take it away; it's not a temporary donation he said. Slonimsky said he had no specific plans for what he would do during and after his break, except to say he wanted to spend more time at home. Slonimsky has led Alavarion since its creation from the merger of BreezeCOM and Floware in August 2001. He was originally appointed CEO of BreezeCOM in June 2000, having served as president from May 1999.

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