Thursday November 6 5:20 PM EST
Company Press Release
Glenayre Technologies Completes Merger With Wireless Access Inc.
CHARLOTTE, N.C., Nov. 6 /PRNewswire/ -- Glenayre Technologies Inc. (Nasdaq:GEMS) today announced completion of
the merger of Wireless Access Inc. with Glenayre. The merger, which required the approval of Wireless Access shareholders,
was initially announced in September 1997.
Through the merger, Wireless Access shareholders received approximately $82 million cash. Wireless Access optionholders
also received options to purchase approximately 1.3 million shares of Glenayre Common Stock. The transaction will be
accounted for under the purchase method of accounting and will result in a one-time pretax charge in the fourth quarter of fiscal
year 1997 related to the write-off of purchased in-process research and development. Following the transaction, former
Wireless Access optionholders will have options to acquire approximately 2% of Glenayre Common Stock on a fully-diluted
basis.
Wireless Access, located in Santa Clara, Calif., will function under current operating management as a wholly owned
subsidiary of Glenayre.
Commenting on the merger, Gary Smith, president and CEO of Glenayre, stated, ''With the addition of Wireless Access's
expertise in advanced pagers and integrated circuit design, Glenayre is uniquely positioned to offer some of the most advanced,
complete paging systems available. We are very enthusiastic about the expanding market opportunities for all Glenayre
products, and welcome the Wireless Access staff to Glenayre.''
Greg Reyes, president of Wireless Access, stated, ''We are proud that Wireless Access products are now an important part
of Glenayre's product line. Through Glenayre's worldwide presence, we anticipate substantial opportunities to expand our
markets, particularly as demand for advanced alphanumeric and two-way paging systems increases globally.''
Wireless Access develops and markets advanced two-way pagers. Wireless Access provides Glenayre with significant new
growth opportunities in the rapidly expanding worldwide arena of two-way paging, with licensing for Motorola's family of
high-speed protocols, including ReFLEX 25, ReFLEX 50 and InFLEXion Voice.
Glenayre Technologies Inc. is a worldwide provider of telecommunications infrastructure products and systems serving the
paging, cellular, PCS, telco, voice processing, and point-to-point wireless service provider markets. Glenayre's net sales
exceeded $390 million in 1996 and the company employs approximately 2,400 people worldwide.
SOURCE Glenayre Technologies Inc.
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