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Proxim Wireless: B. Riley & Co. to Provide Financial Advice to Proxim Wireless

^{Published on 2009-01-13 07:20:31, Last Modified on 2009-01-13 07:21:11 - Market Wire}
 

SILICON VALLEY, CA--(Marketwire - January 13, 2009) - Proxim Wireless Corporation (NASDAQ: [ PRXM ]), a leading provider of end-to-end broadband wireless systems that deliver the quadruple play, announced today that it has received unsolicited strategic expressions of interest and subsequently has engaged B. Riley & Co., LLC, an investment banking firm, to explore strategic options.

"We decided that obtaining expert advice was appropriate at this time in light of the expressions of interest and ongoing discussions as well as excitement resulting from recent product developments," stated Pankaj Manglik, Chief Executive Officer of Proxim.

About Proxim Wireless

Proxim Wireless Corporation (NASDAQ: [ PRXM ]) is a leading provider of end-to-end broadband wireless systems that deliver the quadruple play of voice, video, data and mobility to all organizations today. Our systems enable a variety of wireless applications including security and surveillance, VoIP, last mile access, enterprise LAN connectivity and Point-to-Point backhaul. We have shipped more than 1.8 million wireless devices to more than 235,000 customers in over 65 countries worldwide. Proxim is ISO-9001 certified. Information about Proxim can be found at [ www.proxim.com ]. For investor relations information, e-mail [ ir@proxim.com ] or call +1 413-584-1425.

Safe Harbor Statement

Statements in this press release that are not statements of historical facts are forward-looking statements that involve risks, uncertainties, and assumptions. Proxim Wireless' actual results may differ materially from the results anticipated in these forward-looking statements. The forward-looking statements involve risks and uncertainties that could contribute to such differences including those relating to and arising from uncertainties relating to whether any strategic or other actions might be undertaken following this announcement; the type, structure, timing, and terms of any such potential actions; the level of interest of third parties in pursuing any possible transactions; the time and costs required to consider possible strategic and other transactions and other corporate actions; management and board interest in and distraction due to considering these matters; and reactions, either positive or negative, of investors, competitors, customers, employees, and others to our engaging investment bankers and to any specific strategic alternative or opportunity selected by us. Further information on these and other factors that could affect Proxim's actual results is and will be included in filings made by Proxim from time to time with the Securities and Exchange Commission and in its other public statements.