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Proxim Wireless Receives $5 Million Strategic Investment from SRA to Advance WiMAX and 4G
Proxim Wireless Receives $5 Million Strategic Investment from SRA to Advance WiMAX and 4G.
About this update from Proxim Wireless Corporation
[{"type":"text","content":"Contact Information:Dave RenauldVice President, Corporate AffairsProxim Wireless(413) [email protected] Proxim Wireless Receives $5 Million Strategic Investment from SRA to Advance WiMAX and 4G Leading Global Provider of Wireless/ Mobile Solutions Invests in Proxim for Enhanced Broadband & 4G Wireless Partnership Silicon Valley, August 13, 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 received an equity investment of $7.5 million, with $5 million coming from SRA OSS, Inc., (www.sraoss.com ) a wholly owned subsidiary of SRA Holdings, Inc. of Japan (www.sra.co.jp) a publicly held company listed on the Tokyo stock exchange (JP3817), and the rest coming from existing investors (through a combination of new investment and cancellation of debt). SRA is a software and services company and a leading provider of software for 4G, WiMAX, mobile devices (smart/cell phones, PDA), Wi-Fi, and broadband & wireless security solutions. The company’s investment in Proxim will aid in the continued development and marketing of Proxim’s WiMAX and 4G wireless solutions for the carrier, service provider, government and enterprise markets. SRA chose to invest in and partner with Proxim Wireless for the development of 4G products based on Proxim’s long history of innovation in the broadband wireless access (BWA) market. The combined wireless hardware and software expertise of Proxim and SRA will help to advance the ongoing development of high-performance, cost-effective WiMAX and 4G wireless products, services and solutions for carriers, service providers, governments and enterprises of all sizes. “At Proxim, we have a long history of developing broadband wireless access and backhaul solutions, and this investment will help us push even further into our target markets with an emphasis on 4G technologies,” said Pankaj Manglik, President and CEO of Proxim Wireless. “SRA brings a wealth of wireless software solutions and services expertise, which will help round out our carrier, service provider, government and enterprise solutions portfolio worldwide.” “As one of the world’s premiere providers of wirel...