YDI Wireless Announces New Ticker Symbol "YDIW"
Contact: David L. Renauld
(Vice President, Corporate Affairs)
Phone: 413-665-8551
Falls Church, Virginia — July 09, 2003: Telaxis Communications Corporation d/b/a YDI Wireless (OTCBB:TLXS), a leading developer and supplier of broadband wireless solutions, today announced that its common stock will trade on the Over-the-Counter Bulletin Board under the ticker symbol "YDIW" starting tomorrow, July 10, 2003.
As previously announced, the company is effecting a reverse 1-for-100 stock split, a forward 25-for-1 stock split, the reincorporation of the company from Massachusetts into Delaware, and the change of the corporate name to "YDI Wireless, Inc." after the close of markets today.
At the same time, the company is terminating the substantive effects of its previously-existing stockholder rights plan.
Stockholders will be receiving notification shortly explaining how to exchange their Telaxis stock certificates for YDI Wireless stock certificates or cash, as the case may be.
Telaxis Communications d/b/a YDI Wireless represents the recent combination of Young Design, Inc. and Telaxis. This combination brought together Young Design's license-free products that extend the range of IEEE 802.11 wireless local area network systems, point-to-point wireless backhaul products, diverse and broad customer base, and deep market and industry experience with Telaxis' high-frequency millimeter-wave expertise and FiberLeap™ and EtherLeap™ products. More information about YDI Wireless can be obtained from the company's web sites at www.ydi.com and www.tlxs.com or by contacting the company by telephone at 413-665-8551 or by email at IR@ydi.com.
Statements in this press release that are not statements of historical facts are forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from the results anticipated in these forward-looking statements due to risks arising from and relating to the recent combination of Telaxis Communications and Young Design and our ability to achieve the contemplated benefits of that combination; the downturn and ongoing uncertainty in the telecommunications industry and larger economy; the intense competition in our industry and resulting impacts on our pricing, gross margins, and general financial performance; and the other factors discussed in our filings made from time to time with the Securities and Exchange Commission and in our other public statements.