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EXHIBIT 99.1
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HARRIS CORPORATION INCREASES STAKE
IN BROADBAND WIRELESS ACCESS MARKETS
WITH ACQUISITION OF WAVTRACE, INC.
BELLEVUE, Washington, August 31, 2000 - Harris Corporation (NYSE: HRS), today
announced that it has completed the previously announced purchase of Wavtrace,
Inc., a privately held, Bellevue, Washington-based pioneer and leading developer
of broadband wireless access systems. Harris officials noted in ceremonies at
the Bellevue facilities that the acquisition significantly elevates its
participation in fast-growing markets for infrastructure systems that provide
high-speed wireless access to the Internet and other data, voice, and video
services.
"We intend to become the leading supplier of microwave products and services for
network solutions worldwide," said Phillip W. Farmer, chairman and CEO of
Harris. "The acquisition of Wavtrace provides us with leading technology for BWA
(broadband wireless access) point-to-multipoint (PMP) products, and positions
Harris to be the leader in BWA products and solutions. Wavtrace's high-frequency
products are an excellent complement to our current low-frequency PMP product
line and our industry-leading point-to-point microwave radio systems. We have
the broadest, most robust product offering in the industry and the capability to
provide our customers with complete, one-stop shopping as they build and expand
their wireless communications networks."
Wavtrace is developing a broadband PMP system for millimeter wave transmissions
based on TDD (time division duplexing) technology, which is ideal for
transporting high-speed bursts of data traffic, such as that found on the
Internet, in a spectrum-efficient manner. "TDD has gained recognition in the
industry as the most appropriate technology for LMDS (local multipoint
distribution system) broadband wireless access," Farmer said. Wavtrace is
successfully testing its product in Europe and the U.S. and is expected to
release
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a production product next spring that will incorporate adaptive TDD
capabilities. The product is expected to have the fastest burst modem in the
industry, enabling the delivery of multimedia services at speeds up to 180 Mbps
per user, four times as fast as competing systems.
Harris purchased approximately a 20 percent interest in Wavtrace in June 1999
and has been working with the company to develop point-to-multipoint BWA
systems. Pursuant to the transaction which was closed today, Harris purchased
the remainder of Wavtrace for approximately $134 million.
Wavtrace employs approximately 110 people, including 80 engineers, at its
Bellevue facilities. Wavtrace will become part of Harris' Microwave
Communications Division, headquartered in Redwood Shores, California, and the
Wavtrace product will become part of Harris' ClearBurst(TM) BWA product line.
Harris Corporation (NYSE: HRS) is an international communications equipment
company providing product, system, and service solutions for wireless,
broadcast, network support, and government markets. The Microwave Communications
Division, one of five divisions within Harris Corporation, is the largest
supplier of microwave and broadband wireless access systems in North America.
The division delivers wireless solutions to telecom service providers of all
types, and its product line -- the broadest in the industry -- covers frequency
bands up to 42 GHz. Harris has sales and service facilities in nearly 90
countries.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements that reflect management's
current expectations, assumptions and estimates of future performance and
economic conditions. Such statements are made in reliance upon the safe harbor
provisions of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Harris cautions investors that any
forward-looking statements are subject to risks and uncertainties that may cause
actual results and future trends to differ materially from those matters
expressed in or implied by such forward-looking statements. Statements about the
expected date of product releases, and the impact of the transaction on Harris'
business and its microwave business are forward-looking and involve risks and
uncertainties. Other factors that may impact the company's results and
forward-looking statements may be disclosed in the company's filings with the
SEC. Harris
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disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events, or otherwise.
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