Wireless broadband vendor Proxim Wireless said it sold substantially all of the assets of its Harmonix division, which is part of its Terabeam Corp. subsidiary, to Renaissance Electronics for $5.3 million. As part of the transaction, Proxim and Renaissance entered into an agreement for the continued supply and support of the GigaLink radios developed and manufactured by Harmonix so that Proxim can ensure an uninterrupted supply of these products to its customers. Proxim views the Harmonix business as a non-core business. The division primarily sells millimeter wave systems, sub-systems and components for military and non-military government customers and Gigalink 60 GHz and 70-80 GHz radios.
In related news, Proxim has received a Nasdaq Staff Determination that indicates the company is failing to comply with the minimum bid price requirements for continued listing and is therefore subject to delisting from Nasdaq. Proxim said it is petitioning to stay the decision.
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Proxim announces quarterly results, looks for alternatives for Harmonix Division