TORONTO--(BUSINESS WIRE)--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 Ahy
Chief
Executive Officer
(408) - 416-4200
reza@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.