Somera Stockholders Authorize Reverse Stock Split; Board Sets 1-for-10 Split Ratio
11 Aprile 2006 - 9:30PM
PR Newswire (US)
DALLAS, April 11 /PRNewswire-FirstCall/ -- Somera Communications,
Inc. (NASDAQ:SMRA) today announced that its stockholders, at the
special meeting held today, authorized the Somera board of
directors to effect a reverse stock split of the Company's common
stock. The Company also announced that its board of directors has
authorized implementation of a reverse stock split at a ratio of
1-for-10, which the Company expects to take effect prior to the
open of trading on Wednesday, April 12, 2006. In the reverse split,
each 10 shares of Somera's issued and outstanding common stock will
automatically be combined into and become one share of common
stock. No fractional shares will be issued in connection with the
reverse stock split, and holders of fractional shares will receive
cash in lieu of their fractional shares. After giving effect to the
reverse split, the Company will have approximately 5 million shares
outstanding, subject to reduction for fractional shares. The
reverse split will affect all shares of Somera's common stock,
including those shares underlying stock options outstanding
immediately prior to the effective time of the reverse split.
Somera anticipates that its common stock will begin trading on a
split-adjusted basis when trading opens on Wednesday, April 12,
2006, with the interim ticker symbol "SMRA D." After 20 days, the
Company expects that the "D" designation will be removed, and its
ticker symbol will revert back to "SMRA." Somera's transfer agent,
Mellon Investors, will mail instructions to the company's
stockholders regarding the exchange of certificates for common
stock. About Somera Somera Communications is a telecom asset
management firm that assists service providers in generating
greater value from their network assets in the form of lower
operating costs, longer product life, higher productivity, and real
measurable savings. Somera provides immediate availability of
quality, warranted new and refurbished equipment at savings of 25%
to 60%. Extending these benefits is Somera RecoveryPLUS, which
deploys knowledgeable personnel, proven processes and proprietary
software to each client location to provide professional discovery,
valuation and asset cataloging, thereby enhancing ongoing network
efficiency while improving the accuracy and quality of reports
required of today's regulatory environment. In addition, Somera
offers outsourced network operations, logistics, and technical
service, as well as comprehensive repair services for wireless,
wireline, and data products -- all at significant savings and
reduced cycle times. Founded in 1995, Somera has developed an
impressive base of over 1,100 customers worldwide, including the
industry leaders from each segment of the telecommunications
market. Visit Somera on the web at http://www.somera.com/. This
news release contains forward-looking statements as that term is
defined in Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Somera's operating and financial results are subject to risks and
uncertainties, including, but not limited to, general economic
conditions particularly affecting the telecommunications industry;
capital equipment spending levels in the telecommunications
industry, including the risk of continued customer spending delays
associated with carrier consolidation; the impact of competition in
the market for supplying equipment and equipment lifecycle
management services to telecommunications operators; the risk of
potential shortage of product supply; and Somera's ability to build
its lifecycle management services capabilities; approval of the
reverse stock split proposal to be submitted to the company's
stockholders; establishment and maintenance of a common stock per
share price that will permit the Company to maintain the
eligibility of its common stock for quotation on the Nasdaq
National Market; the ability to raise additional capital on
favorable terms for the Company; and other factors fully described
in the company's reports to the Securities and Exchange Commission,
including but not limited to, the Annual Report on Form 10-K for
the fiscal year ended December, 31, 2005, and its Quarterly Reports
on Form 10-Q. The company does not undertake to update any
forward-looking statements that may be made by or on behalf of the
company. Copies of Somera's Securities and Exchange Commission
filings may be obtained by contacting Financial Relations Board at
310-854-8317 or by visiting the Investor section of Somera's web
site at http://www.somera.com/. Contact: Tony Rossi Investor
Relations for Somera Communications Financial Relations Board
310-854-8317 DATASOURCE: Somera Communications, Inc. CONTACT:
Investor Relations, Tony Rossi of Financial Relations Board,
+1-310-854-8317, for Somera Communications Web site:
http://www.somera.com/
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