WirelessDevNet.com Press Release
Edgewater Wireless Closes Non-Brokered Private Placement
Edgewater Wireless Systems Inc., (YFI:TSX.V) (the "Company") the global leader in WiFi3 next generation WiFi technology, is pleased to announce the closing of the first tranche of its previously announced non-brokered private placement raising gross proceeds of $408,436.50. Directors and Management, including a Control Person of the Company, participated in this private placement on the same terms and conditions as the other placees.
Net proceeds from the private placement will be used for general working capital. The private placement is subject to TSX Venture Exchange acceptance.
Pursuant to the closing, the Company has issued an aggregate 8,168,730 units ("Units") at a price of $0.05 per Unit. 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 12 months from closing, at an exercise price of $0.11 per share. The common shares and warrants issued to subscribers of the private placement will be subject to a statutory hold period ending on August 15, 2014. Finders' fees totaling $11,550 were paid and 231,000 finder's warrants were issued to arm's length finders in connection with the private placement. Subject to TSX Venture Exchange acceptance, the Company currently anticipates carrying out a second tranche closing in connection with the purchase of an additional 1,000,000 Units under the private placement for gross proceeds of $50,000.
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/.