December 16, 2015 – Ottawa, Canada & San Jose, USA- Edgewater Wireless Systems Inc (YFI; TSX.V), the manufacturer of multi-channel WiFi3™ technology for high-density Wi-Fi and IOT applications, is pleased to announce from the company’s Annual General Meeting of Shareholders (“AGM”) held on December 15, 2015, all resolutions proposed to shareholders were duly passed.
The entire Edgewater Wireless Board of Directors and Management were in attendance as well as a senior members of the Edgewater team and a diverse group of shareholders. The number of directors was set at four (4) with the election of the following individuals as directors of the Company: Duane Anderson, Claude Haw, Hubert Whyte and J. Lewis Dillman. Additionally, the Company appointed KPMG LLP as auditors of the company and the Company’s Stock Option Plan was approved.
“Edgewater Wireless has made huge strides over the last 12 months as we placed a renewed focus on disruptive innovation in High Density Wi-Fi technology.” said Andrew Skafel, CEO of Edgewater Wireless. “We appreciate the strong confidence investors have shown in the company as we forge ahead in building more business and opportunity in 2016.”
Following the AGM, the Management team provided a brief update on the Company’s OEM and Licensing business activities. Recent activities include the development of software as well as hardware integration support to Edgewater’s Fortune 500 customer as they continue to integrate the high-density Wi-Fi Development Kit and WiFi3™ technology into their proprietary system. Edgewater Wireless has also worked closely in partnership with Zinwave to complete a number of RFP responses and ongoing pilot programs.
Additionally, Edgewater’s technical team conducted a real-time demonstration of WiFi3™ technology versus an industry leading competitor’s 802.11ac access point for AGM attendees. The team demonstrated superior performance advantages of WiFi3™, notably – a dramatic reduction of Retransmission Rates and superior Throughput while supporting a variety of smartphones, tablets and laptops to provide traffic simulation. The demonstration was completed utilizing performance analysis tools from 7-Signal (7signal.com) WLAN testing and monitoring equipment.
The company is also pleased to announce, subject to exchange approval, the grant of options to purchase 2,540,000 common shares under the Edgewater Wireless stock option plan, which were granted to directors, officers, employees and consultants of the company. Each option has a strike price of $0.27 with a three (3) year vesting period and a ten (10) year validity.
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
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. Although Edgewater Wireless believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because Edgewater Wireless can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause Edgewater Wireless’ actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to access to capital markets, market forces, competition from new and existing companies and regulatory conditions. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. Edgewater Wireless undertakes no obligation to update publicly or revise any forward looking information, whether as a result of new information, future events or otherwise, except as required by law.
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