TEL AVIV, Israel, October 27, 2008 - Ceragon Networks Ltd. (NASDAQ and TASE:
CRNT), a leading provider of high-capacity Ethernet and TDM wireless backhaul solutions, today
announced that its Board of Directors authorized the repurchase of its shares in a total aggregate
amount not to exceed $20 million. The timing and the amounts purchased will be at the
Company’s discretion, and the purchases may occur in the open market or in negotiated or block
transactions, all subject to regulatory requirements.
“The strength of our balance sheet gives us the financial flexibility to fund our future
growth as well as purchase our shares from time to time when we believe they represent a
particularly attractive investment opportunity,” said Ira Palti, President and CEO of Ceragon
Networks Ltd. “Given the positive outlook for our business, we believe we have an excellent
opportunity to capture value that we believe is not reflected in our shares at current prices.”
The Company does not intend to repurchase shares from management or other insiders.
No time limit was set for the repurchase program, it does not obligate the Company to acquire
any specific number of shares, and the program may be suspended or discontinued at any time.