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PCTEL Settles Lawsuit with Accounting Firm
[October 20, 2014]

PCTEL Settles Lawsuit with Accounting Firm


BLOOMINGDALE, Ill. --(Business Wire)--

PCTEL (News - Alert), Inc. (NASDAQ:PCTI), a leader in Performance Critical Telecom solutions announced today that it settled its lawsuit against the accounting firm that provided audited financial statements for TelWorx Communications, LLC and related entities in connection with the July, 2012 asset sale to PCTEL. The amount of the settlement was not disclosed. The details of the impact of this settlement on PCTEL's 2014 financial statements will be discussed at the company's third quarter earnings call on October 30, 2014.

"About two years ago, PCTEL disclosed accounting irregularities associated with the representation of the TelWorx assets purchased by PCTEL as described in our March 13, 2013 SEC (News - Alert) filing. At that time, we communicated to our shareholders that we would pursue recovery of damages resulting from those accounting irregularities. Since then, we have recovered over $7.5 million in cash, stock, escrowed funds and rent abatement from the TelWorx principals, the accounting firm that conducted the pre-acquisition audit, and others," said Marty Singer, PCTEL's Chairman and CEO. "In parallel, we completely integrated the acquired assets into our Bloomingdale operation and developed a strong small cell site solutions operation and a mobile tower business that focuses on oil and gas and utilities. It is now time to focus all of our energy on growth," added Singer.

ABOUT PCTEL

PCTEL delivers Performance Critical Telecom solutions. RF Solutions develops and provides test equipment, software, and engineering services for wireless networks. Engineers rely upon PCTEL to visualize, benchmark, and optimize wireless networks. Connected Solutions™ designs and delivers performance critical antennas and site solutions for wireless networks globally. Our antennas support evolving wireless standards for cellular, private, and broadband networks. PCTEL antennas and site solutions support networks worldwide, including SCADA for oil, gas and utilities, fleet management, industrial operations, health care, small cell and network timing deployment, defense, public safety, education, and broadband access.



PCTEL's performance critical products include its SeeGull® scanning receivers and CW Transmitter, SeeHawk® and SeeHawk® Touch™ analytic software, and its SeeWave™ interference locating system. PCTEL is recognized globally for its industry leading-edge IBflex™, EXflex™, and MX scanning receivers and its sophisticated in-building Network Engineering Services (NES).

PCTEL's performance critical MAXRAD® and Bluewave™ antenna solutions include high rejection and high performance GPS and GNSS products, the industry leading Yagi portfolio, mobile and indoor LTE (News - Alert), broadband, and LMR antennas and PIM-rated antennas for transit, in-building, and small cell applications. We provide performance critical mobile towers for demanding emergency and oil and gas network applications and leverage our design, logistics, and support capabilities to deliver performance critical site solutions into carrier, railroad, and utility applications.


PCTEL's products are sold worldwide through direct and indirect channels. For more information, please visit the company's web sites: www.pctel.comwww.antenna.com, or www.rfsolutions.pctel.com.


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