Form 6-K Report of Foreign Private Issuer


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER
 
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of March 2006
 
Commission File Number: 0-30628
 
ALVARION LTD.
(Translation of registrant’s name into English)
 
21A Habarzel Street, Tel Aviv 69710, Israel
(Address of principal executive office)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F þ   Form 40-F o
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

 
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes o   No þ
 
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-___________

 

 

 
The following are included in this report on Form 6-K:
 
 
 Exhibit
 Description
  
Sequential
Page Number
     
1.
Press release on FAVORABLE IMPACT OF RECENT SETTLEMENT RESULTS IN CHANGES TO ALVARION Q4 AND FULL YEAR 2005 FINANCIAL RESULTS, dated March 27, 2006
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SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
     
  ALVARION LTD.
 
 		  
 		  
 
Date: March 30, 2006 By:   /s/ Dafna Gruber
 
Name: Dafna Gruber
  Title:   Chief Financial Officer
 
 
 
 
 
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EXHIBIT 1
Contacts
Dafna Gruber,             CFO Carmen Deville
+972 3 645 6252              +760-517-3188
+760-517-3187
dafna.gruber@alvarion.com    carmen.deville@alvarion.com

FOR IMMEDIATE RELEASE

 
FAVORABLE IMPACT OF RECENT SETTLEMENT RESULTS IN CHANGES TO ALVARION Q4 AND FULL YEAR 2005 FINANCIAL RESULTS
 
Recent settlement of lawsuit with former interWAVE customer to be reflected in the 2005 financials
 
---
 
Tel Aviv, Israel, March 27, 2006 - Alvarion Ltd., (NASDAQ: ALVR), the world’s leading provider of wireless broadband solutions and specialized mobile networks, today announced that the recent settlement of a lawsuit with a former customer of interWAVE Communications International Ltd. (acquired by Alvarion in December 2004), will result in favorable changes to Alvarion’s results of operations for the fourth quarter and full year 2005 (as disclosed on February 8, 2006), to reflect the impact of settling the lawsuit for less than the amount of the Company’s reserve.
 
The effects on 2005 financial statements are as follows: general and administrative expenses in Q4 2005 and full year 2005 are decreased by $987,000 to $1.96 million and $10.93 million, respectively, and the balance sheet for December 31, 2005 shows a decrease of $987,000 in Other Payables and a corresponding increase in Shareholder’ Equity from the amounts previously disclosed.
 
As a result of these adjustments, on a GAAP basis, the net loss for Q4 2005 is ($3.9 million), or ($0.07) per share and the net loss for all of 2005 is ($12.6 million), or ($0.22) per share.
 
These adjusted figures will appear in the Company’s Form 20-F for 2005 that will be filed with the SEC within a few weeks.
 
About Alvarion
 
With more than 2 million units deployed in 150 countries, Alvarion is the worldwide leader in wireless broadband, providing systems to carriers, ISPs and private network operators, and also in extending coverage of GSM and CDMA mobile networks to developing countries and other hard to serve areas.
 
Leading the WiMAX revolution, Alvarion has the most extensive deployments and proven product portfolio in the industry covering the full range of frequency bands with both fixed and mobile solutions. Alvarion’s products enable the delivery of business and residential broadband access, corporate VPNs, toll quality telephony, mobile base station feeding, hotspot coverage extension, community interconnection, public safety communications, and mobile voice and data.
 

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Alvarion works with several global OEM providers and more than 200 local partners to support its diverse global customer base in solving their last-mile challenges.
 
As a wireless broadband pioneer, Alvarion has been driving and delivering innovations for more than 10 years from core technology developments to creating and promoting industry standards. Leveraging its key roles in the IEEE and HiperMAN standards committees and experience in deploying OFDM-based systems, the Company's prominent work in the WiMAX Forum™ is focused on increasing the widespread adoption of standards-based products in the wireless broadband market and leading the entire industry to mobile WiMAX solutions.
 
For more information, visit Alvarion’s World Wide Web site at www.alvarion.com
 
This press release contains forward -looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of Alvarion’s management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward -looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: inability to further identify, develop and achieve success for new products, services and technologies; increased competition and its effect on pricing, spending, third-party relationships and revenues; as well as the in ability to establish and maintain relationships with commerce, advertising, marketing, and technology providers and other risks detailed from time to time in filings with the Securities and Exchange Commission.
 
Information set forth in this press release pertaining to third parties has not been independently verified by Alvarion and is based solely on publicly available information or on information provided to Alvarion by such third parties for inclusion in this press release. The web sites appearing in this press release are not and will not be included or incorporated by reference in any filing made by Alvarion with the Securities and Exchange Commission, which this press release will be a part of.
 
You may request Alvarion's future press releases or a complete Investor Kit by contacting Carmen Deville, Investor Relations: carmen.deville@alvarion.com or 650.314.2653.
 
 

 
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