Wi2Wi Corporation Generates $2.25 Million Thorough Transfer of Technology and Know-How
01 Agosto 2014 - 5:10PM
Business Wire
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:Zachariah MathewsChief
Operating Officer408 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.
TSX-V: YTYCommon Shares: 84,765,758
Wi2Wi CorporationZachariah Mathews, 408 416 4202Chief
Operating Officer
Wi2Wi (TSXV:YTY)
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