WaveRider Communications Finalizes Financing Package Through
Ladenburg Thalmann & Co., Inc To Stimulate Continued Growth
TORONTO--(BUSINESS WIRE)--Oct. 28, 1999--WaveRider Communications Inc. (OTC BB: WAVC, Frankfurt WVR.FSE), a leading global provider of
wireless Internet access products, today announced that investment bankers Ladenburg Thalmann & Co., Inc of New York have placed significant new financing for
the Company.
The financing package includes a $1.5 million bridge loan and a $7.5 million equity line. This will allow WaveRider, which recently reported a 350% increase in
quarterly revenues, to move forward aggressively with plans to roll out new products addressing the wireless Internet market every quarter throughout 2000. The
market for wireless Internet access is expected to be approximately $500 million by year end and to experience rapid growth to the multi-billion dollar level over the
next two to three years.
``For WaveRider shareholders and customers alike, this deal is very welcome, indeed,' said Bruce Sinclair, president and CEO. ``The terms of the financing will
allow WaveRider to continue its exciting development of wireless Internet access products and to increase our already rapidly growing market penetration in markets
across North America and around the world.
``At the same time,' Sinclair added, ``the terms of the financing prevent further immediate dilution of the company, which significantly strengthens shareholder value.'
According to Scott Worthington, WaveRider vice president, Finance and Administration, today's announcement is expected to be the first milestone in a continuing
relationship with Ladenburg Thalmann & Co., Inc.
``As one of the oldest and most respected investment banking firms in the world, Ladenburg Thalmann & Co., Inc has built a reputation for forging true and lasting
partnerships with its clients,' Worthington said. ``For WaveRider, this deal not only provides for the company's immediate financial requirements, allowing us to
deliver on the more than $10 million in orders for our LMS product family, but gives us the time and flexibility to implement the next financial phase of our high
growth operating plans.'
About WaveRider Communications Inc.
WaveRider Communications, Inc. (www.waverider.com) is a leading wireless information technology company that develops, manufactures and markets products
for data communications and Wireless Internet Networking (WIN). WaveRider's high performance products use frequency hopping and direct sequence spread
spectrum technology coupled with time division multiple access techniques and operate in the license-free 900 MHz and 2.4 GHz ISM frequency bands. NCL
Series Wireless Bridges and Routers provide the wireless connection between single or multiple computer networks. Integrated network management features
ensure data is quickly forwarded to its intended destination based on network conditions. WaveRider's LMS (Last Mile Solution©) Product Family are wireless
modems that offer high-speed connections to the Internet for business and residential customers.
About Ladenburg Thalmann & Co., Inc
Formed in the mid-1800s, Ladenburg Thalmann & Co., Inc is one of the oldest investment banks in the world. By the time Ladenburg Thalmann & Co., Inc joined
The New York Stock Exchange, among the earliest members in 1879, the firm had already distinguished itself as one of the most respected private merchant banks
and the principal financial intermediary between America and Europe. Today, Ladenburg Thalmann & Co., Inc is entering the new millennium as a full service
financial institution that meets the varying investment needs of corporate, institutional and individual clients. The firm is headquartered in New York with branch
offices in Boca Raton, Florida; Boston, Massachusetts; and Cleveland, Ohio. For more information, go to www.ladenburg.com. |
