Endwave Responds to Recent Market Developments
12 October 2005Endwave Corporation
(Nasdaq: ENWV), a leading provider of high-frequency RF modules for
telecommunications networks, defense electronics and homeland security
systems, today issued a statement regarding Wood River Partners'
recently-disclosed ownership of approximately 40% of Endwave's common stock
and a lawsuit recently filed by Lehman Brothers against Wood River Partners in
respect of an alleged arrangement involving Endwave shares.
Edward Keible, President and Chief Executive Officer of Endwave, stated,
"Until very late last week, we had no knowledge of the magnitude of the Wood
River ownership position, which was publicly disclosed for the first time in a
Form 13D filed on Friday, October 7. Similarly, we have no knowledge
regarding any dealings between Lehman Brothers and Wood River Partners other
than what has been reported in the press. We will monitor developments in
both matters and intend to pursue any and all legal remedies available to
Endwave for damages suffered by Endwave as a result of these activities."
Mr. Keible continued, "Obviously these new developments will have an
effect on the perceptions of potential purchasers in our planned follow-on
public offering. We do not yet know whether we will continue with our
proposed follow-on public offering as planned. We are awaiting further
information regarding Wood River's intentions with respect to its Endwave
investment and regarding who will manage such investment going forward. We
will be evaluating our options in view of what is in the best interests of our
stockholders as a whole. When we have made a decision regarding the offering,
we will make another announcement."
About Endwave
Endwave Corporation designs, manufactures, and markets RF modules that
enable the transmission, reception and processing of high-frequency signals in
telecommunications networks, defense electronics and homeland security
systems. Our RF modules are typically used in high-frequency applications and
include integrated transceivers, amplifiers, synthesizers, oscillators, up and
down converters, frequency multipliers and microwave switch arrays. Endwave
has 38 issued patents covering its core technologies including semiconductor
and proprietary circuit designs. Endwave Corporation is headquartered in
Sunnyvale, CA, with operations in Diamond Springs, CA; Andover, MA; and Chiang
Mai, Thailand. Additional information about the company can be accessed from
the company's web site at http://www.endwave.com .
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995
This press release may contain forward-looking statements within the
meaning of the Federal securities laws and is subject to the safe harbor
created thereby. Actual results could differ materially from the
forward-looking statements due to many factors, including the following: the
risks that the integration of acquired business lines, products and
subsidiaries will fail; products will fail to achieve market acceptance; the
timing or existence of customer orders; market volatility and weakness;
customer concentration; delays in the design process; production delays or
cancellations due to product defects or defects in materials supplied by
vendors; the length of Endwave's sales cycle, Endwave's ability to develop,
introduce and market new products and product enhancements; changes in product
mix or distribution channels; the demand for wireless networking products and
end-user products that incorporate wireless technology; competitive
technologies; and technological difficulties and resource constraints
encountered in developing, transitioning and/or introducing new products.
Forward-looking statements contained in this press release should be
considered in light of these factors and those factors discussed from time to
time in Endwave's public reports filed with the Securities and Exchange
Commission, such as those discussed under "Risk Factors" in Endwave's most
recent report on Form 10-K and subsequently filed reports on Form 10-Q.
Source: PR Newswire
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