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Copper Mountain Stockholders Approve Merger Between Tut Systems and Copper Mountain Networks
- LAKE OSWEGO, OR, and Palo Alto, CA - May 27, 2005 – Tut Systems (Nasdaq: TUTS), a leader in delivering video and data services over broadband networks, and Copper Mountain Networks, Inc. (Nasdaq: CMTN) announced today that the Special Meeting of Stockholders of Copper Mountain Networks was held this morning to approve the merger of Copper Mountain with Tut Systems. At that meeting a majority of the outstanding shares of Copper Mountain voted in favor of the merger. The merger is scheduled to close on June 1, 2005.
Sal D'Auria, Chairman, President and CEO of Tut Systems stated, “I am delighted by the vote of confidence that the Copper Mountain stockholders have given this transaction. I have every expectation that this acquisition will strengthen our leadership position in the IPTV market and allow us to better address current and future market opportunities.”
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Specifically, without limitation, forward looking statements include statements relating to (1) the pending merger between Tut Systems and Copper Mountain Networks and (2) Tut Systems' ability to address current and future market opportunities. Forward looking statements are based on management's current expectations and beliefs, and are subject to risks and uncertainties. As a result, actual results may differ materially from the forward-looking statements contained herein. Risks that relate to these forward looking statements include the risks inherent in new and developing technologies and markets and the risk that competitors will introduce rival technologies and products. Further detailed information about risk factors that may impact our business is set forth in our periodic filings with the Securities and Exchange Commission. We expressly disclaim any obligation to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
About Tut Systems, Inc.
Tut Systems, Inc. delivers content processing and distribution products for deploying next-generation data and video services over broadband networks. Service providers, content providers and government agencies in the United States and abroad use Tut Systems solutions to deliver broadcast-quality video over broadband networks.
Tut Systems is headquartered in Lake Oswego, OR with regional offices across North America, Europe and Asia.
About Copper Mountain Networks
Copper Mountain Networks, Inc. is a provider of intelligent broadband access solutions. The company offers a broad set of subscriber access and broadband remote access server (BRAS) equipment for ILECs, IXCs, PTTs, CLECs, IOCs, and other facilities-based carrier networks worldwide. These products enable efficient and scalable deployment of advanced voice, video, and data services while leveraging existing network infrastructures and reducing both capital and operational costs. Copper Mountain 's products have been proven in some of the world's largest broadband network deployments.
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