Cape Range to Hold Shareholder Meeting for Final Approval
PERTH, Australia, March 14 /PRNewswire/ -- Cape Range Wireless Limited
(ASX: CAG AU; OTC: CPGEF) today announced that Price WaterhouseCoopers has
issued an independent report examining the details of Cape Range Wireless'
proposal to acquire Arcadian Wireless. The report states that there are
several main advantages of the deal, which makes it an attractive transaction
for the current non-associated Cape Range shareholders. The report has also
been approved by the Australian Stock Exchange (ASX).
Some of the main advantages of the Agreement to the non-associated
shareholders of Cape Range are outlined in the report as follows:
-- The likelihood of an alternative similar investment in the
telecommunications industry is low.
-- Short term reduction in the Cape Range share price is less likely or
the extent of any reduction is likely to be less following the
acquisition of the remaining 81.82% of Arcadian.
-- The acquisition may assist Cape Range's plans to list on the NASDAQ
which would result in Cape Range trading on multiple stock exchanges,
increased liquidity of the stock and access to capital worldwide.
-- Should the merger proceed, a single international company would own the
technology (including the exclusive rights to exploit the technology)
and the resulting products. Synergies and efficiencies may be realized
in creating and marketing the products worldwide through an
-- The merger of Arcadian and Cape Range will provide a worldwide network
of staff and management positioned to take advantage of the growing
South East Asian market.
-- The internationally based operations of the merged entity will increase
the ability to attract top management.
Ron Wise, Chairman of Cape Range, said, "Our strategy is to create a
successful company in the fixed wireless field while enhancing shareholder
value. We are confident that the shareholder approval and the listing on
NASDAQ will facilitate faster value for all."
The general meeting of members of Cape Range Wireless, in which
shareholders' will vote to approve the acquisition of Arcadian, will be held
at Level 1, 1 William Street, Perth, Australia on April 11 (11:00 am). Cape
Range proposes to acquire the remaining 81.82% interest outstanding in
Arcadian to increase its total shareholding in Arcadian to 100%. In
consideration, Cape Range will issue shares and options in Cape Range in
exchange for all of the outstanding shares, options and warrants in Arcadian.
The full merger document is filed on the ASX and will be mailed to the
Cape Range Wireless is a fast growth business accelerator specializing in
wireless telecom systems. Upon the completion of the merger with Arcadian
Wireless, the Company will provide proprietary fixed wireless last mile
solutions for voice, high-speed data and a range of hybrid telecommunications,
focusing on rural areas. It products are built to withstand the rugged
weather extremes found in parts of Asia Pacific. Arcadian's strategic partner
is Texas Instruments. For further information, please visit
SOURCE Cape Range Wireless Ltd.
/CONTACT: Ron Wise, CEO of Cape Range Wireless Ltd., +61-8-9322-4144,
email@example.com; Can Onen of The Anne McBride Company,
212-983-1702, ext. 212, firstname.lastname@example.org, for Cape Range Wireless Ltd./
/Web site: http://www.caperangewireless.com/
CO: Cape Range Wireless Ltd.; Arcadian Wireless; Price WaterhouseCoopers
-0- Mar/14/2001 15:14 GMT
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