Wi2Wi Corporation (TSX-V: YTY) ("Wi2Wi" or the "Company")
(Common Shares: 81,544,306) is pleased to announce that a
global leader in Auto Diagnostics Solutions is in full production
with Wi2Wi’s Industrial-Class WiFi-Bluetooth product. Wi2Wi has
shipped approximately 50,000 units to-date for worldwide use by the
North American Business Unit of this Marquee customer. The first
customer product incorporating the Wi2Wi solution is currently in
production, and is a portable Networked Automotive Diagnostic
device intended for one of the top-five Japanese Auto Makers.
This Wi2Wi’s customer is one of the top providers of Auto Parts
globally and is in a bid to become the world's leading supplier of
diagnostics solutions for all makes of vehicles. The customer is a
comprehensive provider of solutions to the diagnostics and repair
business and has strong relationships with vehicle original
equipment manufacturers worldwide. It is a leading global supplier
of technology and services with sales of over 50 billion Euros in
fiscal 2011. Wi2Wi expects that its Industrial-Class products can
be designed into Auto Diagnostics Tools for other Japanese, &
global Auto Makers, and also into other products by
this customer.
Wi2Wi’s solution provides the wireless connectivity for this
portable technicians’ diagnostics tools within Dealerships and
Repair Stations premises, directly and with real-time connecting to
the network from under-the-hood, interior, or around the vehicle,
enabling instant access to the local-area, cloud-based, and
web-based information infrastructure and services, as well as data
uploads from the device, improving the operational efficiencies of
the technical staff.
Dr. Reza Ahy, Chief Executive Officer stated that, “Connected
Auto Diagnostic Tools represent a major market opportunity for
Wi2Wi’s Industrial-Class products worldwide. Robustness and
reliability of Wi2Wi products make them an excellent choice for the
demanding environments of Automotive Repair Shops, Dealerships, and
the Auto Industry in general. Wi2Wi is pleased to be serving our
Marquee customer a leader in Auto Diagnostics Solutions worldwide
for the Major Auto Manufacturers. Wi2Wi’s industrial-class product
portfolio is well-matched to the requirements of these rapidly
growing Auto Industry needs. Wi2Wi is on track to further grow its
business with this Marquee customer and the Auto industry.”
Dr. Hans Black, Chairman of Wi2Wi stated, “Wi2Wi Board of
Directors is quite pleased with the systematic and consistent
progress the Company has been making in its business including the
Auto Industry Markets. It is gratifying to see Wi2Wi’s products in
production with yet another Auto industry leader and a major global
player. We look forward to the Company announcing additional Major
Design Wins in this market in the near future.”
The Auto Diagnostics Solutions market is a multi-billion dollar
growing opportunity. Wi2Wi expects that increasing demand for
wirelessly-connectivity in the Auto Diagnostics Tools will be
dominated by WiFi. The usage model is mainly connecting to the
local-area-network (LAN) within Auto Repair Shops and Dealership
facilities. Such businesses are primarily adopting the WiFi
infrastructure as the main network for their operations, employees,
and visitors. Wi2Wi expects to have a prominent position in the
WiFi-Connected Auto Diagnostic Solutions.
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.
For further information, please contact:Dr. Reza AhyChief
Executive Officer(408) - 416-4200reza@wi2Wi.com
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.
Wi2WiDr. Reza Ahy, (408) - 416-4200Chief Executive
Officerreza@wi2Wi.com
Wi2Wi (TSXV:YTY)
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