Wi2Wi Corp. Announces Shares for Debt Transaction with LaSalle Capital Group II-A L.P.
TORONTO, ON / ACCESSWIRE / June 19, 2015 / Wi2Wi Corporation (TSX-V: YTY) (Wi2Wi or the Company) a leading global developer and manufacturer of wireless connectivity solutions, high precision frequency control devices, timing devices, and microwave filter devices announces that it has agreed to a shares for debt transaction with LaSalle Capital Group II-A L.P (LaSalle) to pay an aggregate amount of US$3,192,469 (the Debt) consisting of: a) the principal amount of the Secured Subordinated Convertible Debenture of US$2.5 million; b) the unpaid but accrued interest related to the Debenture in the amount of US$168,698; and c) interim funding provided by LaSalle to Wi2Wi in the amount of US$523,771.
Based on the Bank of Canada noon exchange rate on June 18, 2015 the Canadian dollar equivalent of the Debt was $3,897,685.40 (CAD exchange rate of 1.2209). Therefore approximately 30,570,082 common shares of Wi2Wi will be issued to LaSalle as consideration for the Debt. The common shares will be issued at a deemed price of $0.1275 per common share representing the "Discounted Market Price", as defined under TSX Venture Exchange (TSXV) policies, based on the closing price of the Wi2Wi common shares on the TSXV on June 18, 2015.
The transaction is subject to approval of the TSXV and Wi2Wi shareholders as it is expected that LaSalle will be a "control person" as defined under TSXV policies following completion of the transaction.
"We welcome LaSalle, a leading institutional investor from Chicago, IL, USA, as a significant shareholder of the Company," said Zachariah Mathews, President and Chief Executive of the Company. "Payment of these debts affords the opportunity for the Company to focus on growing its business. We appreciate the vote of confidence that LaSalle has placed in Wi2Wi."
About Wi2Wi Corporation
Wi2Wi is a vertically integrated global manufacturer provide connectivity solutions, Timing Devices, frequency Controllers and Microwave Filters to the global market. Wi2Wi's miniaturized Wireless System-in-Package (SIP) connectivity Solutions are well accepted in the global market for Machine-to-Machine (M2M and Internet of Things (IOT) and portable device embedded applications worldwide. Acquisition of net operating assets of Precision Devices Inc., in November 2014 enabled Wi2Wi to expand its product offering by adding Timing Devices and frequency Controllers to its product offering. Precision Device's, rugged, robust and reliable High end Crystals and Oscillators, Crystal Filters, RF and Microwave Filters are widely used and well recognised in the premium markets; Industrial, Avionics, Space, Medical and Defense.
Headquartered in San Jose, California, the heart of the Silicon Valley with manufacturing operations in Middleton, Wisconsin, the industrial belt of North America, Wi2Wi provides leading-edge wireless solutions, customized Timing Devices, frequency controllers and microwave filters for customer applications worldwide with substantial savings on time-to-market, cost and system-integration. Wi2Wi also leverages its technology along with tier-1 global partnerships with industry leading silicon and supply chain companies, serving a large number of Fortune-500 customers.
For further information, please contact:
Zachariah Mathews
President and Chief Executive Officer
408 416 4202
zach@wi2wi.com
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.
SOURCE: Wi2Wi Corporation
