Alvarion (in Receivership) Receives Court Approval for Sale to Valley Telecom
ROSH HA'AYIN, Israel, Sept. 4, 2013 (GLOBE NEWSWIRE) -- Alvarion^® Ltd. (in
Receivership) (Nasdaq:ALVR), a global provider of optimized wireless broadband
solutions addressing the connectivity, coverage and capacity challenges of
public and private networks, announced today that Mr. Yoav Kfir, the
court-appointed Receiver, has received the approval of the District Court of
Tel Aviv – Yaffo for the sale of Alvarion's assets to Valley Telecom Ltd.
Following the Court hearing held on September 2^nd a second round of
negotiations was executed, and the Court approved a revised proposal submitted
by Valley Telecom. Valley Telecom will pay for the Company's assets no less
than NIS38 Million. An initial payment of NIS12.5 Million will be made on
September 15^th and at that time Valley Telecom will take over the Company's
operations. The balance of the payment shall be made no later than the end of
2014. In addition, a creditors plan and settlement will be submitted to the
Court by October 2^nd, 2013 and published in Israeli newspapers. Creditors'
meetings will be held no earlier than 14 days after the publication. If the
creditors' plan and settlement is approved before January 30^th, 2014, it will
result in an additional payment by Valley Telecom of NIS6.25 Million, and the
issuance to the Receiver of shares representing 15% of the Company's
outstanding ordinary shares, post settlement.
Alvarion Ltd. (in Receivership) (Nasdaq:ALVR) provides optimized wireless
broadband solutions addressing the connectivity, coverage and capacity
challenges of telecom operators, smart cities, security, and enterprise
customers. Our innovative solutions are based on multiple technologies across
licensed and unlicensed spectrums. (www.alvarion.com)
About Valley Ltd.
The Valley Telecom Net VAS Platform™ is an elegant and efficient solution for
mobile and landline telecommunication operators willing to offer advanced
value added services. A variety of essential and advanced services like SMS,
MMS, Voice Mail, Video Streaming, Call Completion solutions and entertainment
services share the same hardware resources resulting in unbeatable price
performance and major savings in maintenance expenditure.
This press release contains forward-looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation Reform Act
of 1995. The forward-looking statements contained herein are based largely on
the Company's current expectations and assumptions and are subject to a number
of risks and uncertainties, including without limitation: the process and
outcome of the receivership, including the ability to consummate a sale of the
Company and/or its assets; the ability to obtain the Court's approval with
respect to motions in the receivership, including approval of any proposed
sale of the Company and/or its assets; risks associated with third-party
motions to the Court in connection with the receivership; the potential
effects of the receivership on the Company's liquidity or results of
operations; the Company's ability to maintain contracts that are critical to
its operations, to obtain and maintain normal terms with customers, suppliers
and service providers and to retain key executives, managers and employees;
changes in external market factors; changes in the Company's business or
strategy or an inability to execute its strategy due to changes in its
industry or the economy generally; the emergence of new or growing
competitors; various other competitive factors; and other risks and
uncertainties detailed from time to time in the Company's filings with the
U.S. Securities and Exchange Commission (the "SEC"), including its Annual
Report on Form 20-F as well as in other filings with the SEC. The Company
makes no commitment to revise or update any forward-looking statements to
reflect any facts, events or circumstances after the date any such statement
is made that may bear upon any forward-looking statements. Furthermore, the
Company cautions that any trading in its ordinary shares while the Company
operates under receivership is highly speculative and poses substantial risks.
The Company expects that following the approval by the Court of any definitive
agreement to buy the Company and/or its assets, which may or may not be
granted, current shareholders may be significantly diluted. As a result, the
Company believes that its currently outstanding ordinary shares have limited
value, and urges extreme caution with respect to any existing or future
investments in its ordinary shares. In addition, there is no guarantee that
the Company will be successful in its appeal before NASDAQ to keep its
ordinary shares listed on NASDAQ.
To receive Alvarion's press releases please e-mail us at email@example.com.
Please see the Investor section of the Alvarion website for more information:
Alvarion®, its logo and certain names, product and service names referenced
herein are either registered trademarks, trademarks, trade names or service
marks of Alvarion Ltd. in certain jurisdictions. All other names are or may be
the trademarks of their respective owners.
CONTACT: Investor & Media Contacts:
Avi Stern, CFO
Elana Holzman, VP IR
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