Wi2Wi Corporation ("Wi2Wi" or the "Company")(TSX-V: YTY, Common
Shares: 81,545,519) is pleased to announce its unaudited
consolidated interim financial results for the quarter ended March
31, 2013
March 31, 2013 March 31, 2012 Year Year
(in thousands of U.S. dollars) $ $
Statement of
Results Revenues 1,253 801 Gross Profit
494 287 Operating Expenses Research and development 253 273
Selling, general and administrative 1,537 695 Share Listing
Expenses and interest 3,014 10
Net Loss after
interest and before income taxes (4,310)
(691)
Net loss per share, basic and
diluted
($0.05)
($0.01)
Wi2Wi designs, manufactures and markets miniaturized embedded
wireless connectivity solutions (incorporating both hardware and
software) for premium industrial/medical, smart-home/smart
building and government markets worldwide. These products and value
added services provide highly integrated, multifunctional wireless
sub systems for mobile applications of all forms for mobile
devices.
The results of the quarter are for the first reporting period of
the amalgamated company following the completion of the RTO
transactions. It includes the costs related to the transaction
incurred in the quarter as well as the cost to the combined entity
of merging with International Sovereign Energy Corp. (IRE), shown
above as Share Listing Expenses.
Wi2Wi Chairman Dr. Hans Black stated, “The results for the First
Quarter of 2013 clearly show the positive effect of the merger and
of access to the funds that ISE introduced. Although that benefit
was only received after the transaction was completed on January
28, 2013, the impact has been significant, represented by the
quarter’s solid revenues and margins. Expenses have increased due
to the costs of completing the transaction, but these will no
longer affect the operating results of the Company in future
quarters. We can look forward to further growth in our revenue base
and gross margins as the full effect of the transaction is felt,
while carefully managing our resources."
Chief Executive Officer Dr. Reza Ahy stated, “We have been
systematically building up a pipeline of quality customers and
industry leaders. Wi2Wi is currently engaged with over 30 Tier-1
customers worldwide (as part of Wi2Wi's over 200 customers) to
identify opportunities and to create solutions for each. As of
March 2013, The Company had 117 customers and 142 prospects for the
3rd Generation WiFi & WiFi-Bluetooth and GPS products. This is
a clear indication that our development program coupled with our
marketing programs, addressing specifically identified
opportunities, are showing success.”
For further information, please contact:
John Lokker, CA, CFEChief Financial Officer(408) - 416-4221
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 Com0pany`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.
This news release is not for dissemination in the United States
or to U.S. persons.
Wi2Wi CorporationJohn Lokker, CA, CFE, (408)-416-4221Chief
Financial Officer
Wi2Wi (TSXV:YTY)
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