BeamReach Networks Raises $15 Million; Company Preparing for Volume Production.Business Editors/High-Tech Writers SUNNYVALE, Calif.--(BUSINESS WIRE)--April 7, 2003 BeamReach Networks, the leading developer of broadband wireless See wireless broadband. access systems based on adaptive beamforming technology, announced today that it has completed a $15 million third round of equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. . Investors in this series C financing include The Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. Group, Inc., Sofinnova Ventures, Inc., Walden International, Mitsui & Co. Venture Partners, Inc., and London Pacific Life and Annuity Company. "We are using our new capital to move to volume production in anticipation of large scale deployments later this year," said Bob Kelsch, BeamReach CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We are very pleased to have the support of this outstanding group of global investors as we ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale our production capacity." "BeamReach has proven it has tremendous appeal to large operators," said Andrew Kau of Walden International. "Their BeamPlex(TM) product is a cost-effective solution to complement DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary deployment, and is engineered to seamlessly integrate with existing networks and operations systems." "Demand for broadband wireless access has clearly been proven," said Andy Fuertes, leading industry analyst with Visant Strategies. "There is a large global market for broadband wireless, including in the U.S. and the developed West. Broadband wireless provides both coverage for the underserved and a complementary competitive element to incumbents for broadband services See broadband and broadband service provider. . With the emergence of cost-effective next generation technologies like BeamReach's, there is a real opportunity to push broadband wireless beyond niche status to a larger segment of the residential and business markets, eventually reaching 20-30 percent of the market for broadband services." BeamReach's BeamPlex(TM) system based on Adaptive MultiBeam OFDM (Orthogonal Frequency Division Multiplexing) A digital transmission technique that uses a large number of carriers spaced apart at slightly different frequencies. technology has been involved in an extensive trial with Verizon in Virginia since July 2002. About BeamReach Networks BeamReach is a leading provider of broadband wireless access systems based on its patented Adaptive MultiBeam OFDM technology. BeamPlex(TM) is a revolutionary 4th generation system using adaptive beamforming and null steering that concurrently delivers high capacity, high data rates, and large coverage area in a minimal amount of spectrum. The non-line of sight operation, large capacity and coverage properties of the system combined with subscriber self-installation and provisioning capabilities makes it the ideal solution for service providers to deliver broadband wireless services on a wide scale. Please visit www.beamreachnetworks.com. |
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