|By Business Wire||
|August 1, 2014 06:10 PM EDT||
Wi2Wi Corporation ("Wi2Wi" or the "Company") is pleased to announce that it has reached an agreement with one of their customers (“Customer”) to transfer technology and know-how for USD$2.25 million, subject to due diligence to be carried out by the Customer.
The technology and know-how transfer relates to manufacturing of a specific wireless connectivity module, which is exclusively used by the Customer. Wi2Wi has agreed to transfer certain know-how, manufacturing documentation, and provide certain services, to enable the Customer to transfer production of the specific module. The agreement is predicated on three milestones, of which the first milestone has been completed and the Company has received the first payment of USD$1.125 million. The Company is in process of completing the two remaining milestones, which are expected to be completed by December 31, 2014.
The transfer of technology relates to only one of the many products manufactured by Wi2Wi, and the Company was able to monetize the value of this technology. The proceeds will be used for general working capital and investment into new products which will be on the market in mid to late 2015.
Zachariah Mathews, Chief Operating Officer stated, “Infusion of added working capital will expedite introducing new products based on the latest wireless technology. We hope that these new products will further strengthen our position in the marketplace and empower future growth”.
About Wi2Wi Inc.
Wi2Wi is a leader in Wireless System-in-Package (SIP) Solutions for Machine-to-Machine (M2M), Internet of Things (IOT) and portable device embedded applications worldwide, including Wi-Fi, Bluetooth, and GPS. Wi2Wi focuses on Industrial, Medical, Government, & Infrastructure markets worldwide. Headquartered in San Jose, California, Wi2Wi provides leading-edge wireless solutions for embedded applications with substantial savings on time-to-market, cost and system-integration. Wi2Wi solutions also leverage its wireless integration technology along with tier-1 global partnerships with industry leading silicon and supply chain companies, serving a large number of Fortune-500 customers. Wi2Wi is currently engaged with over 30 Tier-1 customers worldwide.
For further information, please contact:
Chief Operating Officer
408 416 4202
Forward-Looking Statements: 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 oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. 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).
This news release contains “forward-looking statements” within the meaning of applicable securities laws relating to, among other things, the Proposed Transaction. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements. Completion of the Proposed Transaction described herein is dependent on a number of factors and is subject to a number of risks and uncertainties, and it is not certain that the Proposed Transaction will be completed. Factors that could cause actual results to differ materially include, but are not limited to, changes in the Company`s or Wi2Wi’s business, general business, economic and competitive uncertainties and delay or failure to receive board, shareholder or regulatory approvals.
Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and the Corporation 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.
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