Wi2Wi Corp. Reports First Quarter 2013 Results
Wi2Wi Corp. Reports First Quarter 2013 Results
TORONTO--(BUSINESS WIRE)-- Wi2Wi Corporation ("Wi2Wi" or the "Company")(TSX-V: YTY, Common Shares: 81,545,519) is pleased to announce its unaudited consolidated interim financial results for the quarter ended March 31, 2013
|March 31, 2013||March 31, 2012|
|(in thousands of U.S. dollars)||$||$|
|Statement of Results|
|Research and development||253||273|
|Selling, general and administrative||1,537||695|
|Share Listing Expenses and interest||3,014||10|
|Net Loss after interest and before income taxes||(4,310)||(691)|
Net loss per share, basic and diluted
Wi2Wi designs, manufactures and markets miniaturized embedded wireless connectivity solutions (incorporating both hardware and software) for premium industrial/medical, smart-home/smart building and government markets worldwide. These products and value added services provide highly integrated, multifunctional wireless sub systems for mobile applications of all forms for mobile devices.
The results of the quarter are for the first reporting period of the amalgamated company following the completion of the RTO transactions. It includes the costs related to the transaction incurred in the quarter as well as the cost to the combined entity of merging with International Sovereign Energy Corp. (IRE), shown above as Share Listing Expenses.
Wi2Wi Chairman Dr. Hans Black stated, "The results for the First Quarter of 2013 clearly show the positive effect of the merger and of access to the funds that ISE introduced. Although that benefit was only received after the transaction was completed on January 28, 2013, the impact has been significant, represented by the quarter's solid revenues and margins. Expenses have increased due to the costs of completing the transaction, but these will no longer affect the operating results of the Company in future quarters. We can look forward to further growth in our revenue base and gross margins as the full effect of the transaction is felt, while carefully managing our resources."
Chief Executive Officer Dr. Reza Ahy stated, "We have been systematically building up a pipeline of quality customers and industry leaders. Wi2Wi is currently engaged with over 30 Tier-1 customers worldwide (as part of Wi2Wi's over 200 customers) to identify opportunities and to create solutions for each. As of March 2013, The Company had 117 customers and 142 prospects for the 3rd Generation WiFi & WiFi-Bluetooth and GPS products. This is a clear indication that our development program coupled with our marketing programs, addressing specifically identified opportunities, are showing success."
For further information, please contact:
John Lokker, CA, CFE
Chief Financial Officer
(408) - 416-4221
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 Com0pany`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.
This news release is not for dissemination in the United States or to U.S. persons.
John Lokker, CA, CFE, (408)-416-4221
Chief Financial Officer
KEYWORDS: North America Canada
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