OTTAWA, Ontario--(BUSINESS WIRE)--Edgewater Wireless Systems Inc. (YFI; TSX.V) (OTCQB: KPIFF) announces that it is canceling, effective immediately, the proposed second and final tranche of its non-brokered private placement announced May 10, 2019. The Company has decided to close the financing at the first tranche amount of $1,100,000 as published in a news release dated June 26, 2019. In light of recent developments, the Company is updating its business plan to reflect the emerging Dual Channel W-Fi™ standard and Edgewater Wireless’s role in the multi-billion dollar residential Wi-Fi market1 for silicon and licensing.
The release of the emerging Dual Channel Wi-Fi standard marks the first declaration by a recognized global standards body that one channel is not enough. Edgewater, the industry leader in Wi-Fi Spectrum Slicing technology, believes the shift aligns with our MCSR™ technology. And the move toward more channels opens opportunities for licensing and development of silicon solutions in the $12.9 billion residential Wi-Fi market2.
For more information on Edgewater and Dual Channel Wi-Fi, please watch the July 27, 2019 webinar at www.edgewaterwireless.com/partners/webinars.
About Edgewater Wireless
We make Wi-Fi. Better.
Edgewater Wireless (www.edgewaterwireless.com) is the industry leader in innovative Wi-Fi technology for residential and commercial markets. We deliver advanced silicon solutions designed to meet the high-density and high quality-of-service needs of service providers and their customers. With 24+ patents, Edgewater’s Multi-Channel, Single Radio (MCSR) technology revolutionizes Wi-Fi with its aera™ access point product line, delivering next-generation Wi-Fi today.
The best solution for High-Density Wi-Fi networks, Edgewater provides reference designs for easy OEM integration, enabling service providers to plan, build and deploy reliable, high-capacity services to meet data demand in any environment, while fewer access points means lower deployment costs.
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The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.
This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of the word “will”, “intended” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This document contains forward-looking statements and assumptions pertaining to the following: the Offering; the completion of the Offering; and the use of proceeds from the Offering. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct.