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AirNet announces appointment of Dr. George M. Calhoun as chairman of the board
March 22, 2004
MELBOURNE, Fla. -- AirNet Communications Corporation (Nasdaq:ANCC), the technology leader in software-defined base station products for wireless communications, announced today that George M. Calhoun has been appointed as Chairman of the Board. The company also announced that James W. Brown and Christopher Doherty, who represent SCP Private Equity Management, L.P., ("SCP") have resigned as directors.
Dr. Calhoun has served as a director of the company since March 2002 and is also currently serving as the Chairman of the Audit Committee for AirNet. Dr. Calhoun has over 23 years of experience in high-tech wireless systems development beginning in 1980 as the co-founder of InterDigital Communications Corporation (Nasdaq:IDCC). Dr. Calhoun holds a Ph.D. in Systems Science from the Wharton School at the University of Pennsylvania, as well as a B.A. from the same university. He is also currently on the faculty at the Howe School of Technology Management, which is part of the Stevens Institute of Technology in Hoboken, New Jersey.
"George Calhoun is a seasoned wireless industry veteran who has provided the Company with valuable guidance over the last two years," said Glenn Ehley, President & CEO of AirNet Communications. "All shareholders should benefit from his leadership and vision."
Mr. Brown, a partner with SCP, served as a director of the company from November 1997 and as Chairman from October 1999. Two private equity funds managed by SCP, SCP I and SCP II, have made a number of investments in the company since 1997. Due to the winding down of SCP I (the older of these funds), SCP and the Company have determined that the best way to ensure compliance with applicable securities laws is for both SCP representatives to leave the Board at this time.
"SCP remains committed to AirNet, as evidenced by our debt financing last year," said Mr. Brown. "SCP has modified its 2003 voting agreement with TECORE, Inc. to ensure that two board seats will be available to SCP representatives at the appropriate time."
"Jim Brown's contributions to AirNet have been of immense value," said Glenn Ehley. "Through SCP's investments and Jim's leadership, AirNet has developed and commercialized the most advanced broadband, software-defined radio technologies and products available in the GSM world."
AirNet Communications Corp.
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