EXHIBIT 99.1
PCTEL Acquires MAXRAD
Industry Leading Antenna Company Expands PCTEL's Wireless Portfolio
Chicago, Illinois - January 5, 2004 - PCTEL, Inc. (Nasdaq: PCTI), a leader in
intelligent wireless solutions, announced today that it had completed the
acquisition of MAXRAD, Inc., a leading manufacturer of wireless communications
antennas for broadband wireless, in-building wireless and land mobile radio
applications. PCTEL acquired all of the shares of MAXRAD, a privately held
company, for $20 million. MAXRAD generated approximately $18 million in 2003
revenues.
"Our entire management team and employees are delighted to be part of the PCTEL
family. MAXRAD and PCTEL share the same vision and commitment to provide
industry leading wireless products. Our customers will continue to receive the
level of exceptional customer service they have come to expect from MAXRAD while
benefiting from the enhanced synergies that come from being part of a larger
focused wireless organization." said Steve Deppe, MAXRAD's president and now,
also a PCTEL vice president and general manager of MAXRAD's operations. "We are
anxious to contribute to the growth of PCTEL by continuing to aggressively
expand our business," added Deppe.
"We continue to execute our strategic plan," said Marty Singer, PCTEL's Chairman
and CEO. "In the last two years, we have divested a low-growth modem business,
strengthened our intellectual property portfolio, and acquired three exciting
wireless companies with a strong presence in cellular and Wi-Fi. Our mission is
to lead in the development and distribution of high value wireless access and
wireless intelligence products. The acquisition of MAXRAD with its exceptional
products and management team will help us accomplish that mission," added
Singer.
In 2002, PCTEL acquired cyberPixie, a company that developed client and
infrastructure software for facilitating roaming between Wi-Fi hotspots. Early
in 2003, PCTEL divested its legacy "soft modem" product operation and acquired
DTI, a company that designs and distributes software-defined radio solutions for
test, measurement, and wireless intelligence applications.
Robert W. Baird & Co. served as financial advisor to MAXRAD in this transaction.
Holland & Knight provided legal counsel to MAXRAD, while PCTEL was represented
by Wilson, Sonsini, Goodrich & Rosati.
CONFERENCE CALL / WEBCAST
The company will hold a conference call at 1:00 PM EST (10:00 AM PST) with Marty
Singer, chairman and chief executive officer, and John Schoen, chief operating
officer and chief financial officer. The session will include brief remarks, and
can be accessed by calling (800) 545-9583 (U.S. / Canada) or (973) 317-5317
(international).
To listen via the Internet, please visit www.pctel.com, or
http://www.shareholder.com/pctel/MediaList.cfm.
A replay will be available for two weeks after the call on PCTEL's web site at
www.pctel.com or by calling (800) 428-6051 (U.S. / Canada) or (973) 709-2089
(international) access code: 324464.
About MAXRAD
MAXRAD, founded in July 1978, is an industry leading provider of antenna
solutions for broadband wireless, wireless LAN / WAN, and Land Mobile Radio
(LMR) systems. The company's product portfolio encompasses over 500 base
stations, mobile and portable antennas and
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accessories representing over 6500 different product SKUs. Many MAXRAD products
are currently FCC certified with the RF products of many of the worlds leading
wireless companies. MAXRAD designs and manufacturers market-relevant antenna
solutions and accessories designed to provide superior performance and
reliability. The company's products are sold to leading wireless OEMs,
communication distributors, specialized computer distributors, wireless VARs,
wireless ISPs, and system integrators. MAXRAD headquarters are located at 4350
Chandler Dr., Hanover Park, IL 60133. Telephone: 630-372-6800. For more
information, please visit our web site at www.maxrad.com
About PCTEL
PCTEL, founded in March 1994, is a leading provider of Wi-Fi and cellular
mobility software, software-defined radio products and access technology.
PCTEL's products include WLAN software products (Segue(TM) Product Line) that
simplify installation, roaming, Internet access and billing. Through its
subsidiary, DTI, the company designs, develops and distributes OEM receivers and
receiver-based products that measure and monitor cellular networks. The company
maintains a portfolio of more than 115 analog and broadband communications and
wireless patents, issued or pending, including key and essential patents for
modem technology. The company's products are sold or licensed to PC
manufacturers, PC card and board manufacturers, wireless carriers, wireless
ISPs, software distributors, wireless test and measurement companies, and system
integrators. PCTEL headquarters are located at 8725 West Higgins Road, Suite
400, Chicago, IL 60631. Telephone: 773-243-3000. For more information, please
visit our web site at www.pctel.com
SAFE HARBOR
This press release contains "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. Specifically, the statements
regarding the anticipated benefits of PCTEL's acquisition of MAXRAD, the ability
of PCTEL to develop and distribute high value wireless access and wireless
intelligence products, and to continue to provide industry leading wireless
products, are forward looking statements within the meaning of the safe harbor.
These statements are based on management's current expectations and actual
results may differ materially from those projected as a result of certain risks
and uncertainties. These risks and uncertainties include, but are not limited
to, risks associated with MAXRAD's business generally, the ability to address
the cost structure and functionality of MAXRAD's products, competition within
the markets in which MAXRAD competes, PCTEL's ability to successfully integrate
the business of MAXRAD into its existing organization, PCTEL's success at
developing and implementing new technologies, and to obtain protection for the
related intellectual property, competitive pricing pressures, increased
operating expenses and the growth of the wireless communications market. These
risks and uncertainties and others, including, but not limited to, those
detailed from time to time in PCTEL's Securities and Exchange Commission
filings, can affect PCTEL's financial condition, future results of operations,
business and prospects. These forward-looking statements are made only as of the
date hereof. PCTEL disclaims any obligation to update or revise the information
contained in any forward-looking statement, whether as a result of new
information, future events or otherwise.
For further information contact:
John Schoen Jack Seller
COO/CFO Public Relations
PCTEL, Inc. PCTEL, Inc.
(773) 243-3000 (773) 243-3016
john_schoen@pctel.com jack_seller@pctel.com
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