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ioWave acquires Hybrid assets

Consolidation in fixed wireless vendor sector

June 5, 2002

1 Min Read

ARLINGTON, Va. -- ioWave Inc., developer of leading-edge full duplex wireless equipment used to transport voice, data and video communications around the globe, and the owners of Hybrid Networks Inc., developer and distributor of advanced Fixed Wireless Local Loop solutions, have reached an agreement whereby ioWave will operate the combined business of the two companies.

Through this business combination, ioWave will continue to market its’ existing product line of, ioLink, ioStar, ioUnity, ioRage, LCS and its ioUltima smart antenna products as well as the complete line of Hybrid’s “Pop-In-A-Box” with Hybridware and Thruwave mass market, point-to-multipoint products, thereby enabling the delivery of complete end-to-end wireless solutions. Terms of the agreement were not disclosed, however, ioWave will continue to use both the Hybrid and ioWave brand names.

“The board of ioWave is pleased that we can bring the Hybrid business into the ioWave portfolio,” said Peter Friedli, Chairman of the Board. “We have been aggressively evaluating opportunities that make sense in terms of our strategy, which is to grow the business smartly. The acquisition of select assets and agreements to operate the business of companies such as Hybrid complement our core technology and meet the needs of our existing global customer base. Early indications of a recovery in the communications sector make this type of transaction timely and in the best interest of the shareholders,” Mr. Friedli concluded.

Added Dan Saginario, President & CEO of Hybrid: “We think Hybrid is a terrific company with a superior product. We look forward to continuing to provide high quality service to the over 39,000 existing customers worldwide and continuing to grow the Hybrid business through our existing distribution network and incorporating their product into our product line.”ioWave Inc.

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