2014-02-28 01:10:11 -
San Jose, CA US, February 27, 2014 /FSC/ - Wi2Wi Inc. (YTY - TSX Venture), ("Wi2Wi" or the "Company") is pleased to announce that further to its new release on January 16, 2014, the Company has closed the first tranche of its non-brokered private placement offering (the "Offering"), issuing 2,175,000 units at a price of $0.20 per unit (the "Unit"). The $435,000 is part of the Offering of up to $4,000,000 previously announced on November 7, 2013. Each Unit consists of one common share and one-half common share purchase warrant. Each whole common share warrant (the "Warrant") is exercisable at a price of $0.25 for a period of 24 months following the date of its issuance.
The net proceeds of
the Offering will be used for general corporate and working capital purposes. The Company expects to complete the Offering by March 14, 2014.
Wi2Wi is a leader in industrial-class WiFi, WiFi-Bluetooth and GPS system-in-a-package (SiPs). Wi2Wi focuses on industrial (including Automotive), medical, infrastructure (including smart-home/smart building) and government markets worldwide. Wi2Wi's products and value-added services provide highly integrated, multifunctional wireless sub systems as complete wireless connectivity solutions for the Machine-to-Machine (M2M) and portable device applications globally. The Wi2Wi product range is designed for long life and under a wide range of temperature variables.
For further information, please contact:
Dr. Reza Ahy
Chief Executive Officer
DISCLAIMERS: Forward-Looking Statements: This news release contains certain forward-looking statements, including statements relating to the closing of the proposed Offering and use of proceeds 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 delays resulting from or inability to obtain required regulatory approvals, ability to access sufficient capital, the impact of general economic conditions in Canada, the United States and overseas, industry conditions and 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 therefrom. 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.
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.
To view this press release as a PDF, please click on the following link:
Source: Wi2Wi Inc. (YTY:CA TSXV) www.wi2wi.com
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