B. Riley & Co. Acts as Financial Advisor to Proxim Wireless in Completing $7.5 Million Equity Transaction.LOS ANGELES -- B. Riley & Co., LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control has served as the exclusive financial advisor to Proxim Wireless Corporation (OTCQX: PRXM) in completing a $7.5 million equity transaction. B. Riley President Wes Cummins and Managing Director Paul Donnelly led the banking team in this engagement with Silicon Valley-based Proxim, a leading provider of end-to-end broadband wireless systems. The transaction involved the issue of 2.5 million shares of new Series A Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". and 1.25 million shares of new Series B Non-Convertible Preferred Stock at $2.00 per share for total consideration of $7.5 million (through a combination of new investment and cancellation of debt). In a press release issued by Proxim on August 13, 2009, Proxim reported receiving $5 million from SRA SrA abbr. senior airman OSS Oss (ôs), city (1994 pop. 62,141), North Brabant prov., S Netherlands; chartered 1399. It is a significant industrial center. Manufactures include meat products, chemicals, pharmaceuticals, electrical equipment, and metalware. , Inc. (www.sraoss.com), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of SRA Holdings, Inc. of Japan (www.sra.co.jp), a publicly held company listed on the Tokyo stock exchange Tokyo Stock Exchange Main stock market of Japan, located in Tokyo. It opened in 1878 to provide a market for the trading of government bonds newly issued to former samurai. (JP3817), and the rest coming from existing investors. "We are pleased to have successfully completed this raise for Proxim in what is still a difficult funding environment," said Mr. Cummins. "As important is that the capital was secured from a partner, SRA that is strategically aligned with the company's business." B. Riley has successfully completed over 350 engagements with more than $16 billion in aggregate transaction value in a variety of industry sectors, including technology. ABOUT B. RILEY & CO. B. Riley & Co. is a leading independent investment bank which provides a full array of corporate finance, research, sales and trading services to corporate and institutional clients. Investment banking services include merger and acquisitions advisory to public and private middle market companies, initial and secondary public offerings and institutional private placements. The firm is recognized for its distinguished Equity and High Yield Research. Its Corporate Governance Advisory Services Group is engaged by both companies and investors to help maximize value for shareholders. Founded in 1997, the firm is headquartered in Los Angeles and maintains offices in Newport Beach, San Francisco, Philadelphia, and New York. It is a member of FINRA FINRA Financial Industry Regulatory Authority (formerly Securities Industry Regulatory Authority) and SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. . For more information, please visit www.brileyco.com. ABOUT PROXIM WIRELESS CORPORATION: Proxim Wireless Corporation (OTCQX: 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. Proxim systems enable a variety of wireless applications including security and surveillance, VoIP, last mile access, enterprise LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. connectivity and Point-to-Point wireless backhaul. It has shipped more than 1.8 million wireless devices to more than 235,000 customers in over 65 countries worldwide. Information about Proxim can be found at www.proxim.com. KEYWORDS: Retail Restaurants Semiconductors Technology hardware Technology Software IT services Wireless Small Cap Stocks Media Healthcare Financial Services Equity Recapitalizations |
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