Wireless Facilities Announces Decision by Chief Executive Officer to Participate in Variable Prepaid Forward Transaction
Dr. Tayebi selected a VPF transaction as he firmly believes in the inherent value of Wireless Facilities, Inc. The VPF allows Dr. Tayebi to diversify a portion of his family's investment portfolio and to monetize a portion of its ownership in the Company to meet other investment objectives and to facilitate tax planning.
The VPF will provide the Tayebi family with the ability to benefit in future upside appreciation, up to an agreed amount, in the Company's share price over the next three years, while also providing them with protection against decreases in the Company's share value during the same period. Under certain circumstances, Dr. Tayebi may elect to retain his family's shares in the Company and settle the VPF contract with cash.
Dr. Tayebi said he “wanted to emphasize his continued dedication to the Company.” The total number of shares covered by this transaction is only approximately 15 percent of the family's combined holdings over a one-year period. Following these transactions Dr. Tayebi's immediate family will continue to be among the largest shareholders in the Company.
About Wireless Facilities
As a global leader in telecommunications outsourcing, Wireless Facilities, Inc. designs, deploys, integrates and manages wireless networks and specialized security systems for some of the largest wireless telecommunication carriers, wireless equipment vendors and general contractors worldwide. Specializing in network architecture and dimensioning of mobile and high speed wireless data systems, including third generation (3G) networks, WFI provides a complete range of network services - from business and market planning to RF engineering, fixed network engineering, IP and data engineering, site acquisition and development, installation, optimization and maintenance. WFI is headquartered in San Diego and has performed work in over 100 countries since the Company was founded in late 1994. The Company has offices in Dallas, Chicago, Seattle, Reston, Montvale, London, Gothenburg, Stockholm, Mexico City, São Paulo, and Beijing. News and information are available at www.wfinet.com.