YDI Wireless adds Two Directors and Applies for NASDAQ Listing
Contact: David L. Renauld
(Vice President, Corporate Affairs)
Phone: 413-665-8551
Falls Church, Virginia — January 8, 2004: YDI Wireless, Inc. (OTCBB:YDIW), a leading developer and supplier of broadband wireless solutions, today announced that it has added two independent members to its board of directors and has applied to have its common stock traded on the NASDAQ SmallCap Market.
Ralph Peluso and Robert Wiedemer have joined the board of directors of YDI. Both individuals also joined the Audit Committee of YDI's board of directors with Mr. Peluso becoming Chairman of the Audit Committee. With these two additions, YDI has four independent members on its seven-person board and continues to have only independent directors serving on its Audit Committee, Compensation Committee, and Nominating Committee.
Mr. Peluso has held senior management positions at MCI Communications, Winstar Wireless, and LightSpeed International. Mr. Peluso brings over 25 years of experience in the telecommunications, software development, and investment banking industries. Mr. Peluso served as a Vice President at MCI Communications Corp. where his responsibilities included extensive work in the areas of U.S. Securities and Exchange Commission filings and registrations, corporate finance, mergers, and acquisitions. After his tenure at MCI, Mr. Peluso served as Vice President of Finance and Business Development for Winstar Wireless, the primary operating subsidiary of Winstar Communications, where he played a significant role in structuring major financing arrangements for Winstar. Ralph served as Chief Financial Officer of LightSpeed International, a venture-backed telecommunications and inter-networking software firm, and was instrumental in the sale of that company to Cisco Systems. Mr. Peluso received both an M.B.A. in Finance and a B.S. in Accounting from the City University of New York.
Mr. Wiedemer has led high-tech firms in the Washington area in key management positions including Chief Executive Officer and Chief Financial Officer. He has extensive financial experience with both public and private companies. He was a founder and Chief Executive Officer of a NASDAQ-listed electronic publishing company, Imark Technologies. Imark developed award-winning software and services for helping publishers of high value information sell their information via the Internet and other advanced distribution channels. With Imark, Mr. Wiedemer was integrally involved in initial fund raising, product development, marketing, and taking the company public. Mr. Wiedemer is currently a Managing Partner of Business Valuation Center, a company he co-founded that is focused on the valuation of private, middle-market companies throughout the United States. Mr. Wiedemer holds a Masters Degree in Marketing from the University of Wisconsin - Madison.
YDI has filed an application with The NASDAQ Stock Market, Inc. to have its common stock traded on the NASDAQ SmallCap Market. YDI currently believes that it satisfies the eligibility criteria established by NASDAQ for listing of its common stock on the NASDAQ SmallCap Market, but the ultimate determination of eligibility will be made by NASDAQ Filing the application was the first step in the several month listing process. If during this period YDI becomes eligible to have its common stock listed on the NASDAQ National Market, YDI believes that its application can become an application for listing on the NASDAQ National Market. If YDI is successful in its application for listing on a NASDAQ market, YDI currently believes that its common stock would continue to be traded under the symbol "YDIW."
"These recent actions reflect our determination to continue to grow YDI," stated Robert E. Fitzgerald, YDI's Chief Executive Officer, who added, "Ralph and Bob bring strong credentials and abilities to YDI and provide additional independence on our board of directors. Bringing these directors on board was the last step in our becoming eligible for a NASDAQ listing. We believe a NASDAQ listing would provide numerous benefits for the company and our stockholders. As we have said before, we believe that the license free wireless industry will be subject to accelerating consolidation and that these recent actions would assist us in enhancing our position in the marketplace."
YDI Wireless,
Inc. is a world leader in providing extended range, license free wireless data
equipment. YDI Wireless is a leading designer of turn-key long distance wireless
systems ranging from 19.9 kbps to 1 Gbps for applications such as wireless Internet,
wireless video, wireless LANs, wireless WANs, wireless MANs, and wireless virtual
private networks. Additional information about YDI Wireless as well as its complete
product line can be found at the company's web site located at http://www.ydi.com
or by contacting the company by telephone at
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 uncertainty whether YDI will be successful in having its common stock listed on the NASDAQ SmallCap Market or NASDAQ National Market; the contemplated acquisition of Phazar by YDI, the two companies' ability and desire to consummate that transaction, and our ability to achieve the contemplated benefits of that transaction; 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.