OTTAWA, Ontario, Canada – October 28, 2024 – Edgewater Wireless Systems Inc. (TSX-V: YFI) (the “Company” or “Edgewater Wireless”) announces that it has settled its obligation to pay an aggregate of $18,047.12 in interest as of June 1, 2024 and $18,047.12 in interest as of September 1, 2024 to the holders of its unsecured debentures issued September 1, 2022 (the “Debentures”) through the issuance of an aggregate of 360,936 and 360,936 common shares of the Company at a deemed price of $0.05 per share (the “Shares”). The Shares are issued in full satisfaction of the June 1, 2024, and September 1, 2024, interest payment obligation in accordance with the terms of the Debentures. The debt settlement has been approved by the TSX Venture Exchange.
Certain directors of the Company received an aggregate of 69,565 and 69,565 Shares and therefore the share issuance constitutes a “related party transaction” as that term is defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company will rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the Shares nor the debt exceeds 25% of the Company’s market capitalization.
About Edgewater Wireless
We make Wi-Fi. Better.
Edgewater Wireless is a leading provider of innovative spectrum slicing technology for residential and commercial markets. With a focus on high-density and high-quality service needs, Edgewater Wireless develops advanced Wi-Fi silicon solutions, access points and IP licensing. With over 26 granted patents, Edgewater Wireless continues to revolutionize Wi-Fi, making it better for everyone.
Edgewater’s physical-layer spectrum slicing allows a frequency band to be divided or sliced to enable more radios to operate in a given area. Think of spectrum slicing like moving from a single-lane road to a multilane highway — regardless of Wi-Fi technology. The recently completed proof of concept (PoC) with a major Tier 1 service provider showed seven to 18 times performance gains in 75 per cent of homes surveyed. Interestingly, homes with the most devices saw the greatest improvements.
For more information, visit www.edgewaterwireless.com.
Edgewater Wireless Contacts:
Andrew Skafel, President and CEO
E: andrews@edgewaterwireless.com
Bill Mitoulas, Investor Relations
T: +1.416.479.9547
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.