FALLS CHURCH, VA, April 7, 2003 ? Telaxis Communications Corporation d/b/a YDI Wireless (OTCBB:TLXS), a leading developer and supplier of broadband wireless solutions, today announced that Daniel A. Saginario was recently elected to its Board of Directors.
Mr. Saginario is a veteran of the telecommunications industry having spent over thirty years in positions of increasing responsibility at NYNEX (now Verizon), where his responsibilities included strategic planning, business development, establishment of numerous joint ventures to more effectively address market opportunities, and oversight of investments in emerging technologies. While at NYNEX, Mr. Saginario was directly responsible for operating budgets in excess of one billion dollars per year. Since NYNEX, Mr. Saginario has engaged in a number of positions including both large corporations and entrepreneurial technology companies.
Most recently, Mr. Saginario was President, Chief Executive Officer, and Director of ioWave, Inc., a global technology company that designs and distributes license free wireless voice and data network products. Mr. Saginario has also served as President of the Global Network Solutions division of L-3 Communications and Senior Director of Enterprise Services for Wang Labs.
Mr. Saginario stated, ?I am very excited to be joining YDI Wireless at this eventful time. I see powerful synergies between Young Design and Telaxis and a wonderful opportunity to succeed in an exciting market. I look forward to helping with that success.?
Robert Fitzgerald, Chief Executive Officer of Telaxis, commented, ?We are very fortunate to have an individual with Dan Saginario?s experience, expertise, and industry connections join our Board of Directors. His guidance and assistance will be very valuable as we work to capitalize on the strengths that both Young Design and Telaxis brought to the combined company.?
About Telaxis Communications d/b/a YDI Wireless
Telaxis Communications d/b/a YDI Wireless represents the recent combination of Young Design, Inc. and Telaxis. This combination brought together Young Design?s license-free products that extend the range of IEEE 802.11 wireless local area network (WLAN) systems, point-to-point wireless backhaul products, diverse and broad customer base, and deep market and industry experience with Telaxis? high-frequency millimeter-wave expertise and FiberLeap? and EtherLeap? products. More information about YDI Wireless can be obtained from the company?s websites at www.ydi.com and www.tlxs.com or by contacting the company by telephone at 413-665-8551 or by email at IR@tlxs.com.
Safe Harbor Statement
Statements in this press release that are not statements of historical facts, including statements regarding the business outlook or expected performance or developments of Telaxis Communications d/b/a YDI Wireless, are forward-looking statements that involve risks, uncertainties, and assumptions. The actual results of the combined company may differ materially from the results anticipated in these forward-looking statements.
The forward-looking statements involve risks and uncertainties that could contribute to such differences including, without limitation, risks arising from the recent combination of Telaxis Communications and Young Design; risks relating to the ability of the companies to integrate in a cost-effective, timely manner without material loss of employees or customers; the risk that the expected synergies and other benefits of the combination will not be realized at all or to the extent expected; the risk that cost savings from the combination may not be fully realized or may take longer to realize than expected; reactions, either positive or negative, of investors, competitors, customers, suppliers, employees, and others to the combination; the time and costs required to complete the contemplated transaction and then integrate the companies; management and board interest in and distraction due to this transaction; the need for timely admission for trading and continued listing on the Over-The-Counter Bulletin Board; costs and delays in implementing common systems and procedures, including financial accounting systems; risks associated with Young Design?s lack of experience operating as a public company, including the process of periodic financial reporting; risks associated with Young Design?s need to adopt and implement in a short period of time a substantial number of additional accounting controls, procedures, policies, and systems to facilitate timely and accurate periodic financial reporting; the expected need for the combined company to hire additional accounting staff, including individuals familiar with periodic financial reporting; the fact that the issuance of a very large number of shares of common stock may cause a substantial decline in the market price of the common stock; the possible need or desire for a reverse split of Telaxis? common stock; a severe worldwide slowdown in the telecommunications equipment market; the uncertainty in the larger economy; working capital constraints; fluctuations in customer demand and commitments; difficulties in predicting the combined company?s future financial performance; introduction of new products; commercial acceptance and viability of new products; difficulties in developing and supplying products with the desired features and price in a timely and cost-effective manner; cancellations of orders without penalties; competitive products and pricing; reliance upon subcontractors; difficulty in obtaining satisfactory performance from third-party suppliers and manufacturers; the ability of customers to finance their purchases of the combined company?s products; the timing of new technology and product introductions; the risk of early obsolescence; difficulties inherent in entering new markets and in developing new products; Telaxis? difficulties in obtaining customers; lack of market demand for Telaxis? products; Telaxis? stockholder litigation; difficulties in attracting and retaining personnel; inability to protect proprietary technology; possible intellectual property infringement, warranty and other claims; and difficulties in obtaining any necessary governmental permits, waivers, or approvals.
Further information on these and other factors that could affect the actual results of the combined company is included in filings made from time to time with the Securities and Exchange Commission, including on Form 10-K and Form 10-Q, and in the other public statements made by the combined company, including press releases.
EtherLeap, FiberLeap, Telaxis Communications, and its logos are trademarks of Telaxis Communications d/b/a YDI Wireless.
For further information contact: Investor Relations mailto:ir@tlxs.com
Source: Telaxis
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