Tuesday, July 19, 2005

Terabeam to Acquire Proxim Assets

Terabeam Wireless agreed to acquire the assets of Proxim Corporation for approximately $28 million.

Terabeam and Proxim entered into the asset purchase agreement after Proxim declared Terabeam the high bidder in the court-approved auction held in connection with Proxim's Chapter 11 Bankruptcy Filing. The agreement between Terabeam and Proxim is expected to supersede Proxim's earlier arrangements to sell substantially all of its assets to Moseley Associates. The transaction is subject to final approval by the US Bankruptcy Court.

Terabeam Wireless is the business name of YDI Wireless. http://www.terabeam.com

See also