August 16, 2016 – Ottawa, Ontario, Canada – Edgewater Wireless Systems Inc. (TSX-V: YFI) is pleased to announce that the private placement announced August 11, 2016 has been fully subscribed. The funds from the private placement will be used to support the company’s F500 customer project as well as drive development of Edgewater Wireless sales channels in Europe, North America, India and Asia.
Through these funds, the company will also begin targeting of new verticals – primarily through our entrenched relationship through CableLabs and UpRamp to pursue opportunities in the $500 Billion global cable industry. Initial engagement with cable companies has identified a set of common issues which can be solved with Edgewater Wireless WiFi3 technology – specifically the interference and capacity issues in public venues, multi-dwelling units (MDUs) and enterprise customer deployments.
As part of the private placement offering, the company has adjusted pricing of the units (the “Units”) of The private placement will now consist of up to 6,000,000 Units at a price of $0.40 per Unit for gross proceeds of up to $2,400,000. Each Unit consists of one common share of the Company and one common share purchase warrant (each a “Warrant”). Each Warrant will entitle the holder to acquire an additional common share at a price of $0.50 per share for a period of 24 months.
All other terms of the private placement remain the same. The private placement is subject to TSX Venture Exchange approval.
The company is now reviewing the Unit Subscription Agreements for compliance with the relevant exemption provisions being claimed which could result in some adjustment of the total number of units accepted under the placement.
The company would like to thank everyone who has participated and those who considered participating.
About Edgewater Wireless Systems Inc.:
Edgewater Wireless develops and commercializes leading edge technologies and intellectual property for the communications market. Edgewater Wireless delivers advanced product solutions designed to meet the high-density, high quality of service (QoS) and high-reliability needs of service providers and their customers. Leveraging over twenty (20) patents, Edgewater’s WiFi3™ is redefining Wi-Fi technology with its wide-band, multi-channel radio and high-capacity Access Point solutions, and delivering next generation Wi-Fi, today.
The best solution for High-Density Wi-Fi networks, Edgewater Wireless WiFi3 powered access point products enable innovative service providers to plan, build and deploy reliable, high-capacity services (like VoWiFI) for high-density wireless data demand in any environment.
Do more with less! Fewer access points delivering high quality service at a lower overall deployment cost make our patented WiFi3 technology the right choice for your next Wi-Fi network.
Explore the evolution of Wi-Fi at www.EdgewaterWireless.com
Forward-Looking Statements:
The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.
This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of the word “will”, “intended” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This document contains forward-looking statements and assumptions pertaining to the following: the Offering; the completion of the Offering; and the use of proceeds from the Offering. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.