Ottawa, Canada (PRWEB) November 21, 2012
Edgewater Wireless Systems Inc. (YFI; TSX-V), the global leader in WiFi3 next generation WiFi technology, is pleased to announce the closing of the first tranche of the company’s previously announced $2.5 million private placement.
Edgewater Wireless will use the investment in part to increase production for orders relating to the Company’s recently announced $4.9 million sale of WiFi3 access points to World Affinity Telecom for a multi-phase deployment of WiFi3 access points in Western and Central Africa.
Pursuant to the closing, the Company has issued an aggregate 11,389,043 units ("Units") at a price of $0.0825 per unit to raise aggregate gross proceeds of $939,596. Each Unit consists of one common share of the Company and a warrant which will entitle the holder to purchase one additional common share of the Company, for a period of 24 months from closing, at an exercise price of $0.11 per share. The common shares and warrants issued to subscribers pursuant to the first tranche of the private placement will be subject to a statutory hold period ending on March 21, 2013. Cash finders’ fees totaling $49,585.68 were paid to arm’s length finders in connection with the funds raised in the first tranche of the private placement. The Company intends to continue to raise funds pursuant to the private placement under the terms set out in its news release dated September 28, 2012 and will announce subsequent closings of the financing as they occur.
“This investment is an integral part of our growth strategy as demand for Edgewater Wireless’ WiFi3 technology increases globally,” said Andrew Skafel, President of Edgewater Wireless. “This investment demonstrates a clear belief in the huge market opportunity for Edgewater Wireless at a time when we are witnessing unprecedented growth and adoption of WiFi technology around the world.”
Edgewater Wireless next generation WiFi3 technology solves key issues related to interference, quality and capacity that users experience with traditional WiFi access points. With the exponential growth of WiFi around the world, these issues are increasing dramatically. WiFi3 technology enables users to access three channels on a single wireless access point radio resulting in faster downloads and vastly improved quality compared to traditional WiFi which only allows one channel per radio.
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-performance, high quality of service (QoS) and high-reliability needs of service providers and their customers. Leveraging over twenty (20) patents, Edgewater Wireless’ WiFi3 is redefining WiFi technology with its wideband, multi-channel radio and high-capacity Access Point solutions, and delivering next generation WiFi, today. For more information, please visit http://www.edgewaterwireless.com.