Westell Technologies, Inc. announces initial public offering and name change

Business Wire, Nov 8, 1995

OSWEGO, Ill.--(BUSINESS WIRE)--Nov. 8, 1995--Westell Technologies, Inc. announced today the filing with the Securities and Exchange Commission of a Registration Statement for a proposed public offering of 2,700,000 shares of Class A Common Stock. Of the 2,700,000 shares to be sold in the offering, 2,248,000 shares will be offered by the Company and 452,000 shares will be offered by selling stockholders. Further, the selling stockholders will grant the underwriters an over-allotment option to purchase up to an additional 405,000 shares.

The Company recently changed its name from Electronic Information Technologies, Inc. to Westell Technologies, Inc.

The Company will have approximately 16.7 million shares of Class A and Class B Common Stock outstanding after the offering. The prospectus indicates that the initial public offering price is estimated to be between $10 and $12 per share. Montgomery Securities, Cowen & Company and Punk, Ziegel & Knoell are the managing underwriters.

Westell designs, manufactures, markets and services a broad range of digital and analog products used by telcos to deliver services primarily over existing copper telephone wires in the local access network connecting end users to a telco's central office. Westell is a leading developer and provider of telecommunications products using an emerging technology known as Asymmetric Digital Subscriber Line (ADSL). ADSL products will allow telcos to provide interactive multimedia services over existing copper wire, thus offering a more cost-effective and faster deployment alternative to fiber optic cable in the "last mile" of the local access network.

Copies of the preliminary prospectus relating to the offering may be obtained from Montgomery Securities, 600 Montgomery Street, San Francisco, California 94111; Cowen & Company, Financial Square, 28th Floor, New York, New York 10005; or Punk, Ziegel & Knoell, 520 Madison Avenue, New York, New York 10022.

A Registration Statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This press release shall not constitute an offer to sell or the solicitation or an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

CONTACT: Westell Technologies, Inc., Oswego

Steve Hawrysz, 708/820-1919