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Powerwave Technologies’ Turnkey Wireless Network Infrastructure, Telecom Inventory and Capital Assets Acquired by Industrial Auctioneers to Be Sold in Series of Upcoming Online Auctions


May 29, 2013 - San Diego And Santa Ana, California, United States

Heritage Global Partners (“HGP”), and its parent company Counsel RB Capital (OTCQB: CRBN), in conjunction with Maynards Industries Ltd, New Mill Capital LLC, and The Branford Group, has announced that they will jointly manage a series of sales for the complete turnkey wireless network infrastructure and related capital assets of Powerwave Technologies Inc. (NASDAQ: PWAV) (“Powerwave”).

Powerwave designs, manufactures, and markets a comprehensive suite of wireless technologies and is a global supplier of end-to-end wireless solutions for wireless communications networks. Together, the companies acquired Powerwave’s assets following its Chapter 11 bankruptcy (Case #13-10134) at an original asset acquisition cost of approximately $100 million. A series of global online auctions will be hosted and managed by Heritage, complete details and event dates to follow at www.hgpauction.com.

“Together with our valued partners we will be conducting a series of sales of Powerwave’s state-of-the-industry wireless network and capital assets. The upcoming auctions include an unprecedented offering of capital assets and will be the year’s largest sale of Test and Measurement equipment, by far. We believe our combined global presence and familiarity with the marketplace, paired with our expert industry knowledge, will attract significant interest from worldwide buyers,” stated Ross Dove, Managing Partner of Heritage Global Partners.

“We are anticipating very strong demand from buyers worldwide as the upcoming sales represent a unique opportunity to acquire a wealth of high quality assets, including base station antennas, tower mounted amplifiers (TMA), filters, furnishings, tooling, wireless inventory and equipment, and much more. We look forward to working together to maximize the ultimate value of Powerwave’s assets,” stated Matthew DelGuidice, VP of Maynards US Operations.

Led by auction industry pioneers Ross and Kirk Dove, Heritage Global Partners is one of the leading worldwide asset advisory and auction services firms, assisting companies with buying and selling assets. HGP specializes in asset brokerage, inspection, and valuations, industrial equipment and real estate auctions, and much more.

CONTACTS : Heritage Global Partners David Barkoff, 650-649-0147 dbarkoff@hgpauction.com or JCIR Jennifer Neuman, 212-835-8500 CRBN@jcir.com

Source: Business Wire India

BusinessWireIndia

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