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PROXIM WIRELESS AMENDS RELATIONSHIP WITH BRIDGE BANK
PROXIM WIRELESS AMENDS RELATIONSHIP WITH BRIDGE BANK.
About this update from Proxim Wireless Corporation
[{"type":"text","content":"For Further Information Contact:David RenauldVice President, Corporate AffairsProxim Wireless(413) [email protected] PROXIM WIRELESS AMENDS RELATIONSHIP WITH BRIDGE BANK Silicon Valley, CA, May 21, 2009 – Proxim Wireless Corporation (OTCQX: PRXM), a leading provider of end-to-end broadband wireless systems that deliver the quadruple play, today announced that it has amended its lending relationship with Bridge Bank, N.A. Proxim originally entered into the lending relationship with Bridge Bank on March 6, 2009, as described in more detail in the Form 8-K filed by Proxim with the Securities and Exchange Commission on March 12, 2009. On May 15, 2009, Proxim signed a loan and security modification agreement with Bridge Bank. In that agreement, Proxim acknowledged that it had not met one of the required financial covenants for the month ended March 31, 2009 and Bridge Bank waived that default. In addition, Bridge Bank agreed that the financial plan against which Proxim’s financial performance would be measured in the future was changed from the original financial plan. Proxim agreed to pay Bridge Bank a waiver fee of $5,000. In addition, Proxim agreed that the security interest in Proxim’s personal property previously granted in favor of Bridge Bank to secure Proxim’s obligations to Bridge Bank would be expanded to cover Proxim’s intellectual property. On May 15, 2009, Proxim also signed an intellectual property security agreement in favor of Bridge Bank to specifically grant Bridge Bank a security interest in Proxim’s intellectual property. About Proxim WirelessProxim 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. Our systems enable a variety of wireless applications including security and surveillance, VoIP, last mile access, enterprise LAN connectivity, and point-to-point backhaul. We have shipped more than 1.8 million wireless devices to more than 235,000 customers in over 65 countries worldwide. Proxim is ISO-9001 certified. Information about Proxim can be found at www.proxim.com. For investor relations information, email [email protected] or call +...