Proxim Wireless Sells Harmonix Division for $5.3 Million

Effective August 29, 2008, Proxim Wireless has sold substantially all the assets of the Harmonix Division of its Terabeam Corporation subsidiary to Renaissance Electronics Corp. for approximately $5.3 million. As part of the transaction, Proxim and Renaissance entered into an agreement for the continued supply and support of the GigaLink radios developed and manufactured by Harmonix. This way Proxim can ensure an uninterrupted supply of these products to its customers.

"This transaction truly was a win-win for Proxim and Renaissance," stated Pankaj Manglik, Proxim’s Chief Executive Officer. "The components business of the Harmonix Division was non-core to Proxim’s business, so this gives Renaissance the ability to capitalize on the technology assets of that division while providing Proxim a continued source of radios and operating cash to focus on our end-to-end broadband wireless product portfolio."

"This acquisition brings Renaissance closer to meeting its vision of being the world’s preferred supplier of all frequency products," said Thampy (Tom) Kurian, Renaissance’s President and CEO. "This will allow Renaissance to cover most of the components, integrated assemblies, and other products in frequencies ranging from radio to microwave to millimeter."

 [September 8, 2008]

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