Wi2Wi Announces Closing of Private Placement of Units
TORONTO, ON / ACCESSWIRE / April 4, 2017 / Wi2Wi Corporation ("Wi2Wi" or the "Company") announced today the closing of a non-brokered private placement of units. Although interest from investors was over and above the size of the offering, the Corporation decided to limit its size to its current financial requirements and it expects to raise additional funds in the future as it continues to expand its products offering.
The Company issued 12,499,674 units ("Units") at a price of C$0.056 per Unit for gross the proceeds of C$699,981. The Units were issued to investors under available prospectus exemptions. No finder's fees were paid by Wi2Wi in connection with the offering.
Each Unit consists of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant shall entitle the holder to acquire one common share at an exercise price of C$0.11 per share for a period of five years following the date hereof provided that, if after twelve (12) months following the date hereof, the closing price of a Company common share is in excess of C$0.50 for twenty (20) consecutive trading days, the Company shall have the right to accelerate the expiry date of the Warrants to a date that shall be thirty (30) days following delivery of notice to that effect to the holders of the Warrants.
The common shares, warrants and common shares issuable pursuant to the exercise of Warrants issued in connection with this offering are subject to a hold period in Canada until August 4, 2017.
The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the benefit of United States persons, except in certain transactions exempt from the registration requirements of such act.
"We are very pleased with the interest in Wi2Wi's business and continued support from the investors. These funds will expedite the new product development and timely release of them to the market," said Michael Sonnenreich, Chairman of the Board of Directors.
"We thank the investors for their continued support for the Company. The Net proceeds will be used to develop and release the best in class and value added new products addressing the continued demand from the IoT, IIoT, Avionics and Space markets," said Zachariah Mathews, President and CEO of the Company.
For further information, please contact:
Chief Financial Officer
608 203 0234
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About IoT and M2M
Essentially, IoT and M2M describe the network of physical objects or "things" embedded with electronics, software, sensors, and network connectivity, which enables these objects to collect and exchange data. Driven by several factors including the growth in the availability of Broadband Internet, which reduces the cost of connecting, and the related increase in Wi-Fi capabilities, as well as sensors built into myriad technologies, this has been described as the "perfect storm" for the IoT. Almost any device with an on and off switch that can be connected to the Internet (and/or to each other) - anything from cell phones, coffee makers, washing machines, headphones, lamps, wearable devices, cars, as well as machine components in the engine of a jet airplane or the drill of an oil rig. According to analyst firm Gartner, by 2020 there will be over 26 billion connected devices. Others think this figure could be too conservative by a factor of four.
About Wi2Wi Corporation
Wi2Wi is a vertically-integrated technology company which designs, manufactures and markets high performance, low power wireless connectivity solutions, global navigation satellite system (GNSS) modules, and frequency control devices. The Company's products and services address numerous applications in the markets of Internet of Things (IoT), Machine to Machine (M2M), Avionics, Space, and Government Sponsored Projects. Wi2Wi's products and value-added services provide highly integrated, rugged, robust, and reliable multiprotocol wireless actuators with embedded software, along with customized timing and frequency control devices for customers, worldwide. The Company was founded in 2005 and is strategically headquartered in San Jose, California, with satellite offices in Middleton, Wisconsin, and Hyderabad, India. Wi2Wi's manufacturing operations, its laboratory for reliability and quality control, together with design and engineering for timing and frequency control devices are located in Middleton, WI. The branch office, located in Hyderabad, India, focuses on the development of wireless connectivity; both hardware and software. Wi2Wi's strategic objective is to service the unique needs of each customer by providing end to end wireless integration solutions and highly customizable timing and frequency control devices. Wi2Wi distinguishes itself from commodity grade products, with best in the market performance, highly reliable, low power wireless connectivity products with integrated software that supports broader temperature ranges and a longer product life cycle. Furthermore, Wi2Wi's end to end product solutions helps the customer substantially reduce their end product expense, certification cost, and overall R&D investment, in addition to substantially reducing the time to market. Wi2Wi has partnered with best in class global leaders in technology, manufacturing, and sales. The Company uses a wide network of manufacturer's representatives, worldwide, to promote its products and services, and has partnered with world class distributors for the fulfillment of orders along with direct sales.
This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with the ability to access sufficient capital, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, stock market volatility. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.