Ariel Corporation and MAYAN Networks Merger Update; MAYAN and Ariel Confirm Merger's Importance; Merger Efforts Proceeding
CRANBURY, N.J. and SAN JOSE, Calif., June 18 /PRNewswire/ -- MAYAN Networks Corporation and Ariel Corporation (Nasdaq: ADSP) today announced that their merger efforts were proceeding. Management from both companies confirmed their commitments to complete the merger as soon as possible after satisfaction of closing conditions and receipt of necessary approvals. "Our merger efforts are on schedule and we are looking forward to becoming an integral part of the MAYAN Networks organization upon receiving SEC and shareholder approval," said Dennis Schneider, Ariel CEO and President. He added: "We're already planning cooperative efforts between Ariel and MAYAN engineering, sales, and marketing functions. Organization shifts needed to smooth the transition into MAYAN are on schedule as well." Esmond T. Goei, MAYAN Chairman, CEO and President, commented: "We're fully committed to complete our merger with Ariel as rapidly as possible. Teamwork on new opportunities is developing rapidly and we expect that this will yield improvements in prospects for future products and expanding the sales opportunity pipeline." As had been previously announced, the transaction is subject to approval by MAYAN and Ariel stockholders, among other closing conditions. About MAYAN Networks MAYAN Networks, a development stage company, was founded in 1998 to simplify the delivery of services and to reduce cost and complexity at the edge of the optical network. Its first product, the Unifier SMX, is expected to bring intelligence to the network edge, helping customers migrate from TDM-based service models to the future of IP-based services. MAYAN's Unifier was recently awarded the prestigious InfoVision Award at the National Communications Forum, and is currently in trials at nine other service provider networks. MAYAN's customers include Competitive Local Exchange Carriers (CLECs), Incumbent Local Exchange Carriers (ILECs), Inter-Exchange Carriers (IXCs) and Independent Telephone Operating Companies (ITOCs). MAYAN Networks is based in San Jose, California and more information on the company can be found at http://www.MAYANnetworks.com. About Ariel Ariel Corporation is a leading provider of high-density, SS7-enabled dial-up access equipment for applications such as Internet access, corporate Intranet/Extranet access, on-line services, telecommuting, transaction processing and unified messaging. Ariel's dial-up access concentrator products make it easy for ISPs and OEMs targeting ISPs and other service providers to create high-density dial-up solutions using open systems platforms running a variety of popular operating systems, including Windows NT and Linux. Statements contained in this press release that are not historical facts are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements involve risks and uncertainties, including Ariel's ability to complete its merger with MAYAN, Ariel's sales prospects, market acceptance of Ariel's products by technical original equipment manufacturers and internet service providers, the timely development and acceptance of new products, the impact of competitive products and pricing, changing market conditions and the other risks detailed from time to time in Ariel's filings with the SEC. These risks and uncertainties could cause actual results to differ materially from those projected or currently expected. These forward-looking statements represent Ariel's judgment as of the date of this release. Ariel disclaims, however, any intent or obligation to update these forward-looking statements. Additional Information and Where to Find It Ariel has filed a Registration Statement on SEC Form S-4 in connection with the Merger, and Ariel and MAYAN expect to mail a Joint Proxy Statement/Prospectus to stockholders of Ariel and MAYAN containing information about the Merger. Investors and security holders are urged to read the Registration Statement and the Joint Proxy Statement/Prospectus carefully. The Registration Statement and the Joint Proxy Statement/Prospectus contain important information about Ariel, MAYAN, the Merger, the persons soliciting proxies relating to the Merger, their interest in the Merger, and related matters. Investors and security holders may obtain free copies of these documents through the website maintained by the U.S. Securities and Exchange Commission at http://www.sec.gov. Free copies of the joint Proxy Statement/Prospectus and these other documents may also be obtained from Ariel by directing a request through the Investors Relations portion of Ariel's website at http://www.ariel.com or by mail to Ariel Corporation, 2540 Route 130, Suite 128, Cranbury, NJ 08512, attention: Investor Relations, telephone: (609) 860-2900. In addition to the Registration Statement and the Joint Proxy Statement/Prospectus, Ariel files annual, quarterly and special reports, proxy statement and other information with the Securities and Exchange Commission. You may read and copy any reports, statements or other information filed by Ariel at the SEC public reference rooms at 450 Fifth Street, N.W., Washington, D.C. 20549 or at any of the Commissions' other public reference rooms in New York, New York and Chicago, Illinois. Please call the Commission at 1-800-SEC-0330 for further information on the public reference rooms. Ariel's filings with the Commission are also available to the public from commercial document-retrieval services and at the Web site maintained by the commission at http://www.sec.gov. Ariel, its directors, executive officers and certain other members of management and employees may be soliciting proxies from Ariel stockholders in favor of the issuance of Ariel common stock in the merger. The directors and executive officers of Ariel and MAYAN have interests in the merger, some of which may differ from, or may be in addition to, those of Ariel's stockholders generally. A description of the interest that Ariel's and MAYAN's directors have in the merger is available in the Joint Proxy Statement/Prospectus. MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X28547348
SOURCE Ariel Corporation
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.