Proxim, a producer of Wi-Fi and broadband wireless equipment, announced on Saturday that it has sold substantially all of its assets to Moseley Associates. Proxim has endured a steep decline in revenue and increases in deficits over the last four years, and the sale will be implemented through Proxim's filing of Chapter 11 bankruptcy.
Moseley designs digital transmission systems for enterprises including television companies and telecommunication companies. The $21 million acquisition of Proxim will allow Moseley's line of wireless products to cover the spectrum from 200M hertz to 38G hertz. Most of Proxim's operations would be preserved through the acquisition, according to their press release.
Proxim, based in San Jose, California, began as a leading innovator in the wireless industry but fell on hard times because of competition from large companies such as Cisco Systems Inc., as well as patent infringement difficulties which required the company to pay Symbol Technologies Inc. more than $20 million in a settlement.
This sale will make Proxim a wholly owned subsidiary of Moseley, which is based in Santa Barbara, California. Moseley's other subsidiaries are Microwave Data Systems, Axxcelera Broadband Wireless and CarrierComm. Details about when the sale will be final were not available and no one at Proxim was available to immediately provide that information.
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