For Further Information Contact:
Proxim Wireless
David Renauld
Vice President, Corporate Affairs
(413) 584-1425
ir@proxim.com
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 Wireless
Proxim Wireless Corporation (OTCQX: PRXM) provides Wi-Fi®, WiMAX, Point-to-Multipoint and Point-to-Point Backhaul technologies for a complete indoor and outdoor wireless broadband ecosystem. Our systems enable service providers, governments and enterprises to deploy fixed and mobile security and video surveillance, indoor and outdoor Wi-Fi, business and residential internet access and cell tower backhaul. Proxim has shipped more than 2 million wireless devices to more than 250,000 customers in over 65 countries worldwide. Proxim is ISO 9001-2008 certified. For more information, visit www.proxim.com. For investor relations information, e-mail ir@proxim.com or call +1 413-584-1425.