23.10.2007 13:36:00
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Westell Takes Equity Stake in Contineo Systems
As part of the broadband leader’s renewed
commitment to rapid product innovation, Westell Technologies, Inc.
(NASDAQ: WSTL) announces that it has made a significant equity
investment in Contineo Systems, a communications software company.
Plano, Texas-based Contineo develops secure software solutions to enable
broadband carriers to maximize revenue from existing customers. Westell’s
$2.5 million investment includes 40 percent ownership of Contineo and
two seats on the Board of Directors. The equity stake, a first for
Westell, will enhance its product development efforts and speed time to
market, according to Thomas Mader, Westell CEO.
"Westell is taking this position to acquire
Contineo’s expertise in communications
security software,” Mader said. "This
allows us to expand our capabilities and increase our value as an
end-to-end broadband solutions provider for our customers, who will
benefit from a comprehensive solution for securing their broadband
access connections. This solution will further enable our carrier
customers to differentiate their service levels, and provides end-users
with the flexibility to access online content in a highly secure and
simple manner.”
This investment will also give Westell more direct control over the
software that is included within its product line, providing greater
influence and better performance than a strategic partnership or
licensing agreement. Contineo specializes in identity-management
solutions which can be applied to secure broadband applications across a
network. Westell made the deal with Contineo specifically to advance its
research and development efforts, as part of Mader’s
mandate to refocus the company on product innovation.
"We are excited to be working with Westell as
a leading provider of residential gateways and to be partnering with
them to enable the secure convergence of communications services,”
said Brian Forbes, President and CEO of Contineo Systems. "Together we
provide carriers with new ways to manage, measure and secure their
broadband networks."
About Westell
Westell Technologies, Inc., (NASDAQ: WSTL) headquartered in Aurora,
Ill., has a 25-year history of broadband innovation, with more than 20
million devices shipped. Westell designs and builds carrier-class
equipment that delivers high-speed communications for telecommunications
operators and internet service providers throughout North America and
Europe. These innovative, highly engineered solutions make it easy for
carriers and service providers to meet ever-increasing customer demand
for reliable, effective delivery of content, services and capabilities.
Visit www.westell.com to learn more.
"Safe
Harbor”
statement under the Private Securities Litigation Reform Act 1995: Certain statements contained herein including, without limitation,
statements containing the words "believe,” "on track,” "
anticipate,” "committed,” "expect,” "estimate,” "await,” "continue,” "intend,” "may,” "will,” "should,”
and similar expressions are forward looking statements that involve
risks and uncertainties. These risks include, but are not limited
to, product demand and market acceptance risks, need for financing, the
economic downturn in the U.S. economy and telecom market, the impact of
competitive products or technologies, competitive pricing pressures,
product development, excess and obsolete inventory due to new product
development, commercialization and technological delays or difficulties
(including delays or difficulties in developing, producing, testing and
selling new products and technologies), the effect of Westell’s
accounting policies, the need for additional capital, the effect of
economic conditions and trade, legal social and economic risks (such as
import, licensing and trade restrictions) and other risks more fully
described in Westell’s Annual Report on Form
10-K for the fiscal year ended March 31, 2007 under the section "Risk
Factors.” Westell undertakes no
obligation to release publicly the result of any revisions to these
forward looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
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