Dallas, Texas 07/12/2013 (Financialstrend) – Alvarion Ltd (USA) (NASDAQ:ALVR) is an Israeli wireless broadband technology company. Trading of its shares had been haltedfor few hours due to a pending decision by the firm. Alvarion Ltd (USA) (NASDAQ:ALVR) intends to publish a report regarding who should receive the assets of the firm.This decision is yet to be made by the company and this led to halting of the shares of the company.
As per the Tel Aviv Stock Exchange, Israel’s only stock exchange the trading of the firm would resume only after 0911 GMT. In addition to this, the US listed shares of the company, fell to 48 cents. This drastic fall of 54 percent was recorded after the Israeli newspaper broke outthe news, that the company is in debts. As per Silicon Valley bank, the company has over $3 million to repay but the company is not in a position to do so.
Also, the Silicon Valley bank has requested the Tel Aviv court to seek a receiver to collect a loan issued to the company. “The court has stopped any disposition of Alvarion’s assets, whether direct or indirect, until and unless the court comes to a proper conclusion,” this is was said by Alvarion late on Thursday. The next court hearing is scheduled to be held on July 15.
Alvairon Ltd. has been struggling to make its position in the wireless internet sector even with its WinMax products. Earlier this year the company was bought by Telrad Networks for $6 million.Alvairon Ltd. and Telrad Networks have entered into a mutual agreement. As per the agreement, Alvarion will continue to provide carrier licensed solutions to its partners and distributors. Telrad will be providing Alvarion’s unlicensed solutions to its carrier customers.
In addition to this, the company has posted a fall of 45 percent in the first quarter revenue. The company’s revenue has dropped down to 8.5 million. A loss of 51 cents per share has also been posted by the company.
