Exhibit 99.1
[LOGO OF GLENAYRE] Corporate Headquarters
5935 Carnegie Boulevard
Charlotte, NC 28209 USA
tel 704 553 0038
url www.glenayre.com
News Release
Contact: Jeanette Daniels (770) 283-1755
[email protected]
State of Wisconsin Investment Board Requests Approval to
Increase Its Glenayre Stock Holdings
Glenayre's Largest Investor Seeks Approval to
Increase Holdings in Glenayre Up to 20 Percent of Outstanding Shares
Charlotte, June 5, 2000 - Glenayre Technologies Inc. (Nasdaq: GEMS) announced
that its Board of Directors has authorized an amendment to its Preferred Shares
Rights Agreement to permit the company's largest investor, The State of
Wisconsin Investment Board (SWIB) to increase its holdings up to 20 percent of
Glenayre's outstanding shares of common stock. SWIB currently owns approximately
13.5 percent of Glenayre common stock.
"We are pleased that The State of Wisconsin Investment Board has shown this
confidence in Glenayre. We have been executing our corporate strategy ahead of
schedule and we are glad that our largest investor has asked for approval to
increase its investment in our company," stated Bert Klein, Glenayre's chief
financial officer.
"As a long-term investor in the stock, The State of Wisconsin Investment Board
has long seen the value in the products and services that Glenayre offers. The
achievements made by the company over the last nine months - the volume of sales
of the Enhanced Services Platform, the execution of its wireless data strategy
as well as the hard work being performed by all Glenayre employees to move the
company forward - only strengthens our confidence that the company will be
successful," stated John F. Nelson, director of investments for The State of
Wisconsin Investment Board.
The current shares of Glenayre common stock held by SWIB are part of the Board's
Small Cap Stock Portfolio of the Wisconsin Retirement System, which is the
pension fund for 465,000 public employees. Assets under management by SWIB
totaled $71 billion as of April 30, 2000.
About Glenayre:
For more than 35 years, Glenayre Technologies Inc. has developed and provided
leading-edge personal communications systems to a global network of customers.
Glenayre's business focus is to deliver its Solutions for an @ctive World(TM)
portfolio, leveraging core competencies in the converging sectors of the
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State of Wisconsin Investment Board Request Approval To Increase The Board's
Glenayre Stock Holdings
Add-1
wireless Internet and unified messaging to provide differentiated solutions for
today's mobile and active lifestyles. With 1,300 employees and 1999 net sales
exceeding $238 million, Glenayre provides a complete line of wireless messaging
products and systems that include one- and two-way paging infrastructure
equipment and award-winning two-way-pagers with Always @ctive(TM) operation.
Glenayre also delivers an array of Enhanced Services Platform products that
include voicemail, fax messaging, voice-activated services, personal one-number
services, and debit/prepaid calling card platforms to a variety of
telecommunications service providers.
Glenayre's communication products currently operate in more than 100 countries.
Glenayre is headquartered in Charlotte, North Carolina. For more information on
Glenayre, its products, and services, visit www.glenayre.com.
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Glenayre, the Glenayre logo, Solutions for an @ctive World, the Solutions for an
@ctive World logo and Always @ctive are trademarks of Glenayre Electronics, Inc.
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