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KIK Polymers Inc.: Final Closing of Over-Subscribed Private Placement

CALGARY, ALBERTA--(Marketwire - Aug. 24, 2011) - KIK Polymers Inc. (TSX VENTURE:KPI.H - News; "KIK") announces that further to its July 18, 2011 press release, it has now closed on a total of $6,469,750 of subscription receipts issued at $0.25 each, which is the maximum amount contemplated under the previously disclosed letter of intent with Edgewater Computer Systems Inc. concerning the acquisiton of Edgewater Wireless by KIK. Upon conditional approval of the proposed Edgewater RTO transaction by the TSX Venture Exchange and other normal closing conditions, the holders of these subscription receipts will be entitled to receive, without further consideration, one common share of KIK and one purchase warrant exercisable for 2 years at $0.45, subject to acceleration of the expiry date in certain circumstances. Certain finders will be paid a cash commission of 7% and receive 1 year warrants exercisable at $0.25 in an amount equal to 7% of the subscription receipts they assisted in placing.Lewis Dillman, President of KIK, commented: "We are very pleased and excited about this private placement being oversubscribed. The subscribers list of high net worth and institutional investors demonstrates a high level of confidence from the market regarding the potential of next generation wireless technology held by Edgewater Wireless."Edgewater WirelessA wholly owned subsidiary of Edgewater Computer Systems, Inc., Edgewater Wireless Systems, Inc. develops and commercializes leading edge technologies and intellectual property for the communications market. Backed by an extensive patent portfolio, the flagship EAP3000 product family leverages an internally developed, high-performance multi-channel, standards compliant radio chipset that targets the rapidly growing demand for data communications capacity. With a customer base that includes some of the world's largest telcos and enterprises, Edgewater Wireless' EAP3000 product family uniquely delivers significantly greater bandwidth density, advanced network visibility, improved security, and network reliability required to meet the demands generated by the explosive growth in data communications occurring around the world. Drawing from top industry professionals, Edgewater Wireless is managed by an experienced team with extensive commercialization and development expertise in advanced wireless, communications and semiconductor solutions.Founded in 1988, Edgewater Computer Systems, Inc. (ECSI) is a privately held provider of advanced computer and communications technology products for enterprise, military and industrial computing and networking applications. Leveraging greater than $50M of investment in the development of multi-channel wireless technology and the expansion of the EAP3000 product family, ECSI continues to invest in growing the business in targeted markets around the world. In February 2011, ECSI spun out its Wireless Business Unit as Edgewater Wireless Systems, Inc. For more information, please visit www.edgewater.caREADER ADVISORYCompletion of the Proposed Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and, if applicable pursuant to the requirements of the Exchange, shareholder approval. Where applicable, the Proposed Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.Investors are cautioned that, except as disclosed in the filing statement or management information circular to be prepared in connection with the Proposed Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon.Trading in the securities of KIK should be considered highly speculative.Forward-Looking StatementsThis news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning KIK's proposed transaction with Edgewater. The forward-looking statements and information are based on certain key expectations and assumptions made by KIK, including expectations and assumptions concerning its ability to raise capital, and meeting other conditions precedents to the transaction, including regulatory approval and completing due diligence. Although KIK believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because KIK can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause KIK's actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to access to capital markets and regulatory conditions. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. KIK undertakes no obligation to update publicly or revise any forward looking information, whether as a result of new information, future events or otherwise, except as required by law.The TSX Venture Exchange Inc. has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved of the contents of this press release.The securities of the Corporation have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.