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EXHIBIT 20.1
PRESS RELEASE
INTERWAVE COMPLETES ACQUISITION
OF MICROCELLULAR SYSTEMS
MENLO PARK, Calif., United States-- interWAVE Communications
International, Ltd. (Nasdaq: IWAV), a pioneer in wireless networking, announced
today that it has completed the acquisition of Microcellular Systems Limited, an
Irish corporation with offices in Ireland, England, China and California.
interWAVE will pay $5 million in cash and issue 555,556 shares of restricted
unregistered common stock in exchange for all of the outstanding shares of
Microcellular Systems. interWAVE agreed that up to an additional $2.5 million
incentive will be paid upon Microcellular's achievement of minimum thresholds of
fiscal 2001 revenue. The acquisition will be accounted for as a purchase.
About interWAVE Communications
interWAVE Communications International, Ltd. provides all of the
infrastructure equipment and software necessary to support an entire wireless
network within a single compact system. interWAVE's products support the Global
System for Mobile communications (GSM) standard that is currently deployed in
more than 350 Cellular/PCS networks in 135 countries with more than 330 million
subscribers. interWAVE's WAVE-IP(TM) network system is the first to offer
interoperability between GSM networks and networks based on the LAN/WAN and
Internet protocols. The company markets and sells its products globally through
strategic relationships with Alcatel and Nortel Networks, as well as through
other communications equipment providers, systems integrators and a direct sales
force. The company has more than 200 employees worldwide with most operations
based in California's Silicon Valley with sales and service offices in Chicago,
Hong Kong, Paris and Thailand. Additional information about interWAVE
Communications is available on the company's web site at http://www.iwv.com.
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Editor's Note: interWAVE is a registered trademark. WAVEXchange, WAEXpress,
WAVEXpress/BSC, WAVEXpress/BTS, WAVEView/OMC, and WAVE-IP are trademarks of
interWAVE Communications International, Ltd.
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This news release contains forward-looking statements that represent the
company's expectations or beliefs concerning future events. Actual results could
differ materially from those projected as a result of known and unknown risks
and uncertainties including the risks relating to interWAVE's history of losses,
the expectation of future losses, difficulties in introducing new or enhanced
products, long sales cycles, management of global operations, the ability to
retain and motivate key employees, and the Risk Factors discussed in the filings
and reports made from time to time by interWAVE with the Securities and Exchange
Commission.
