Carrier Access Acquired by Turin Networks

Feb 11, 2008 08:05 ET
Turin Networks Completes Acquisition of Carrier Access

Expanded Solutions Portfolio and Customer Base Strengthens Turin's Status as an Industry Leader

PETALUMA, CA--(http://momentumstockinvestor.blogspot.com) - Turin Networks, Inc. today announced (Press Release) that it has successfully completed the acquisition of Carrier Access Corp., a leading provider of wireless backhaul optimization and converged access solutions. The integration of Carrier Access strengthens Turin Networks' status as a leading supplier of network solutions for wireless and wireline network operators worldwide.

The new company offers customers an expanded solution portfolio that merges Carrier Access' leading wireless backhaul optimization and converged access products with Turin's leadership in metro aggregation, switching and transport of Ethernet services over optical and copper PDH access networks. In addition to significantly increasing Turin Networks' ability to develop new products that expand upon the existing portfolio of solutions, the acquisition effectively doubles the size of the company's customer base to more than 600 service providers worldwide, including the top five wireless network operators in the U.S., as well as 11 of the top 17 broadband Internet providers.

"The combination of these organizations bolsters Turin's position as an industry leader through the addition of employees that have a significant depth of technology and industry knowledge, as well as leading-edge technology, products and services," said Henry Wasik, president and CEO of Turin Networks. "Service providers can look to Turin Networks for a continued commitment to the development of innovative, end-to-end solutions that enable them to increase network efficiency, capacity, and transition to Ethernet/IP networks, as well as for high-quality service and support."

About Turin Networks

Turin Networks, Inc. is a leading global provider of innovative, Ethernet/IP-optimized network solutions for wireline, wireless, MSO and private network operators. Deployed by more than 600 customers worldwide, these solutions enable customers to increase network efficiency and capacity, and facilitate the migration to Ethernet/IP networks. Turin is headquartered in Petaluma, California with R&D facilities in Boulder, Dallas, Boston, and Shanghai, and sales offices throughout the world. For more information, visit www.turinnetworks.com.

Turin Networks, the Turin Networks logo, Carrier Access and the Carrier Access logo, Traverse, TraverseEdge, Traverse PacketEdge, TransAccess and TransNav are trademarks of Turin Networks, Inc. or its affiliates in the U.S. and other countries.

Media Contacts
Kevin Wade
Director, Product Marketing
Turin Networks, Inc.
707.665.4509
kwade@turinnetworks.com

CACS started 2008 out at $2.40 thus the $2.60 final price is a YTD gain of 8.33% while the S&P500 is down 9.2% YTD, the DJIA is down 8.2% and the NASDAQ100, QQQ, is down 14.9%

Chart courtesy of Stockcharts.com. Click to view full sized.

Disclaimer. I own CACS in my newsletter and personal portfolios. I will let my broker turn these into cash at $2.60 per share.

Once High Flying Carrier Access Stockholders Approve Takeover by Turin Networks

Carrier Access® Corporation (Nasdaq Ticker CACS), a leading provider of data and voice transport solutions, on Friday February 8 at 1:45PM EST announced that at the special meeting of stockholders held earlier that day, its stockholders approved the previously announced acquisition of Carrier Access by Turin Networks, Inc. The parties anticipate that the closing of the transaction would occur later that day. Upon completion of the transaction, Carrier Access shares will cease trading on Nasdaq, and stockholders will have the right to receive $2.60 in cash, without interest, per share of Carrier Access' common stock.

Carrier access finished trading Friday with a Bid price of 2.59 and Ask of $2.60.

Over its lifetime, Carrier traded as high as $80.38 in April 1999 and as low as 30¢ in October 2002. (My ROTH holds shares purchased at 39¢ in 2002.)

Chart courtesy of Stockcharts.com. Click to view full sized.

CACS started 2008 out at $2.40 thus the $2.60 final price is a YTD gain of 8.33% while the S&P500 is down 9.2% YTD, the DJIA is down 8.2% and the NASDAQ100, QQQ, is down 14.9%

Chart courtesy of Stockcharts.com. Click to view full sized.

Disclaimer. I own CACS in my newsletter and personal portfolios. I will let my broker turn these into cash.

As of Saturday February 9, 2008, my broker was still showing shares of CACS in my account with a value of $2.59.