Tuesday, June 14, 2005
Moseley Buys Bankrupt Proxim
Wireless networking equipment maker Proxim (PROX) has filed for Chapter 11 bankruptcy protection and has been sold. The company is selling most of its assets to Santa Barbara-based Moseley Associates, a telecommunications equipment maker. The deal is worth $21M. Proxim will become a wholly-owned subsidiary of Moseley, which has acquired a number of communications firms in recent years. According to the companies, the acquisition gives Moseley a portfolio of products covering the 200MHz to 38GHz radio spectrum. Proxim recently received a delisting notification this month from the Nasdaq stock market and recently lost a $23M patent lawsuit to competitor Symbol Technologies.