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Proxim Wireless Extends Lending Relationship and Ends Historical Lease
Proxim Wireless Extends Lending Relationship and Ends Historical Lease.
About this update from Proxim Wireless Corporation
[{"type":"text","content":"For Further Information Contact:Proxim WirelessDavid RenauldVice President, Corporate Affairs(413) 584-1425 [email protected] Proxim Wireless Extends Lending Relationship and Ends Historical Lease Silicon Valley, May 14, 2010 – Proxim Wireless Corporation (OTCQX: PRXM) announces two recent unrelated transactions. First, Proxim recently signed documentation with its lender Bridge Bank, National Association extending the term of that lending relationship another year through May 10, 2011 on substantially the same terms. In connection with that extension, Proxim agreed to pay Bridge Bank a $50,000 facility fee. Bridge Bank also consented to Proxim consummating the contemplated 1-for-100 reverse stock split and repurchasing fractional shares resulting from that split in the aggregate amount of up to $50,000. Second, Proxim recently signed documentation terminating the lease of its former headquarters facility in Falls Church, Virginia. This lease had been scheduled to continue through the end of December 2010. In exchange for an immediate release of obligations under that lease, Proxim agreed to pay the sum of $210,000 in seven monthly installments of $30,000 each starting on June 1, 2010 and agreed that the landlord could retain the $20,625 security deposit. About Proxim WirelessProxim Wireless Corporation (OTCQX: PRXM) provides Wi-Fi®, WiMAX, Point-to-Multipoint and Point-to-Point Backh...