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Technology Stocks : LAST MILE TECHNOLOGIES - Let's Discuss Them Here -- Ignore unavailable to you. Want to Upgrade?

To: MikeM54321 who wrote (8866)	10/19/2000 6:07:10 AM
From: MikeM54321	Read Replies (1) \| Respond to of 12823

"Sidenote: While half listening to MOT's CC, I believe they said they are ending their partnership LMDS(MMDS?) program with Cisco??" Thread- Just a further little note on my previous comments about the MOT CC comment above. -MikeM(From Florida) ************************** Giga-tronics Announces Final Settlement With SpectraPoint** SAN RAMON, Calif., Sep 20, 2000 (BUSINESS WIRE) -- Giga-tronics Incorporated(Nasdaq:GIGA) today announced final settlement and receipt of full payment in connection with the cancellation of its contract with SpectraPoint Wireless LLC. On August 31, 1999, Giga-tronics' Microsource Division received a $5.1 million contract to supply SpectraPoint with Node Local Oscillator Assemblies for its LMDS broadband access systems. On June 26, 2000, a 45-day hold was put on further production of their units while they reviewed their entire system. On July 28, 2000 the order was cancelled at which point Giga-tronics had delivered and had been paid for approximately $3 million of this order leaving approximately $2.1 million in the production pipeline. By September 13, 2000, negotiations for costs relating to the incomplete portion of the contract had been finalized and payment of $1,623,500 was received by Giga-tronics. G.H. Bruns, Jr., C.E.O. of Giga-tronics said: "While cancellation of the remaining portion of this order was a disappointment, I was extremely impressed with the expeditious manner in which Motorola, majority owner of SpectraPoint, addressed the problem, made a timely decision to terminate and quickly resolved and settled all termination liabilities." The Microsource Division of Giga-tronics continues production associated work on the $7,100,000 award for broadband Wireless Synthesizers announced in July and the $14,000,000 award announced in April. Giga-tronics develops and manufactures components, subsystems and support equipment for the wireless telecommunications industry addressing broadband wireless data communications, internet telephony, mobile cellular systems and satellite earth station uplinks.