UPDATE: Telular to Be Acquired by Avista Capital Partners for $12.61/Share in Cash

Telular Corporation(Nasdaq: WRLS) ("Telular") and Avista Capital Partners ("Avista") today jointlyannounced that they have entered into a definitive agreement providing for theacquisition of Telular for $12.61 per share net in cash and approximately$18.5 million in assumed net debt, or approximately $253 million in totalconsideration. The purchase price represents a 31% premium to the closingshare price on April 26, 2013, the last full trading day before today'sannouncement, and a 27% premium to the 60-day average share price. Theproposed acquisition has fully committed financing and is currently expectedto close within 50-75 days."This announcement represents a very positive event for our shareholders,"said Joe Beatty, chief executive officer of Telular. "We are proud of ournineteen years as a public company, during which we believe we have served ourshareholders well, and the partnership with Avista will allow the Company toexpand and build on its success to date. For our customers, we will continueto deliver the best remote wireless monitoring and tracking solutionsavailable in the markets we serve," concluded Mr. Beatty.Brendan Scollans, Partner at Avista, said, "Telular's strong position inthree rapidly growing machine-to-machine communications end markets andcompelling recurring revenue business model make it a highlyattractive platform for Avista.  We are looking forward to working withTelular's talented management team to drive the next phase of the Company'sgrowth both organically and through acquisitions."Under the terms of the definitive agreement, an entity controlled by Avistawill promptly commence a tender offer to purchase any or all of theoutstanding shares of Telular common stock for $12.61 net in cash. The closingof the tender offer is subject to customary terms and conditions, includingthe tender of at least two-thirds of Telular's outstanding shares of commonstock, the expiration or termination of the waiting period under the HartScott Rodino Antitrust Improvement Act of 1976, and the receipt of anyapplicable consents or approvals from the Federal Communications Commission.The definitive agreement also provides for the parties to effect, subject tocustomary conditions, a "short-form" merger without a meeting of Telular'sshareholders immediately following the completion of the tender offer, whichmerger would result in all shares not tendered being converted into the rightto receive $12.61 per share net in cash, without interest. The Board of Directors of Telular has unanimously approved the proposedacquisition by Avista and recommends that Telular shareholders tender theirshares in the forthcoming tender offer.  Mr. Beatty will remain as presidentand CEO until the closing of the proposed acquisition.