Alvarion to Double Share Buyback Program.Business Editors/High-Tech Writers TEL-AVIV, Israel--(BUSINESS WIRE)--June 9, 2003 Alvarion Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ALVR), a leading provider of Fixed Wireless solutions, announced today that its Board of Directors has authorized the expansion of its share buyback program. Expressing confidence in the Company's financial strength and significant long-term growth potential, the Board is considering the investment of an additional $10 million in the previously announced share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program, and has instructed the Company to proceed with the legal processes required to approve such an expansion. Under Israeli law Israeli law Legal practices and institutions of modern Israel. The ancient people of Israel created the law of the Torah and the Mishna (the latter was later incorporated into the Talmud). , share repurchase programs require court approval. Alvarion now intends to file all required applications with the District Court in Tel Aviv Tel Aviv (tĕl əvēv`), city (1994 pop. 355,200), W central Israel, on the Mediterranean Sea. Oficially named Tel Aviv–Jaffa, it is Israel's commercial, financial, communications, and cultural center and the core of its largest . Under its first repurchase program, the Company has to date repurchased approximately 4 million shares, at a total cost of about $8 million. As before, purchases of shares pursuant to the new program will be made from time-to-time based on the Board's instructions, in open market or privately negotiated transactions. Such purchases will be subject, among other factors, to the price of Alvarion's shares and market conditions. All share purchases will be made in accordance with all applicable laws and regulations. About Alvarion Alvarion is dedicated to delivering seamless wireless broadband High-speed wireless transmission of data. What is "high" speed is always a changing number. Wireless systems are typically slower than land-based, wireline networks. In the past, wireless broadband started at 250 Kbps, whereas land-based broadband was generally considered to start at T1 networking infrastructure to carriers, ISPs and private network operators, in order to leverage their broadband opportunities into sustainable profits. Alvarion offers premier wireless broadband solutions for access in the last mile, backhauling connection to the backbone through and through; thoroughly; entirely. - Lord Lytton. See also: Backbone and private network connectivity. Featuring the industry's most extensive range of products and international support, Alvarion is a pioneering leader of the converged wireless broadband network. With over 1.5 million units deployed in 120 countries worldwide, Alvarion provides secure rich-media networks for business or residential Internet access See how to access the Internet. , corporate VPNs, cellular base station feeding, community interconnection, public safety connectivity and extended Hotspots. Recently incorporated InnoWave's wideband access portfolio and expertise, Alvarion provides a complete wireless solution supporting a wide range of frequency bands, customer profiles and service types. For more information, visit Alvarion's World Wide Web site at http://www.alvarion.com This press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on the current expectations or beliefs of Alvarion's management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: inability to further identify, develop and achieve success for new products, services and technologies; increased competition and its effect on pricing, spending, third-party relationships and revenues; as well as the inability to establish and maintain relationships with commerce, advertising, marketing, and technology providers and other risks detailed from time to time in filings with the Securities and Exchange Commission. You may register to receive Alvarion's future press releases or to download a complete Digital Investor Kit(TM) including press releases, regulatory filings and corporate materials by clicking on the "Digital Investor Kit(TM)" icon at www.kcsa.com. |
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