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Technology Stocks : Wi-LAN Inc. (T.WIN) -- Ignore unavailable to you. Want to Upgrade?

To: Dave Puchyr who wrote (379)	7/15/1999 1:23:00 AM
From: Dave Puchyr	Respond to of 16863

Wi-LAN Inc. Announces $15 Million Underwritten Special Warrant Financing with Sprott Securities Limited 19:15 EST Wednesday, July 14, 1999 CALGARY, ALBERTA--Financing will be used to maintain company's competitive edge with its research and development, improve negotiating power, and enhance working capital for larger projects. Wi-LAN Inc (ASE:WIN), a leading wireless data/Internet communications company, today announced that it has agreed to offer and sell, on an underwritten basis, a $15,000,005 private placement of 1,960,785 special warrants at a price of $7.65 per special warrant through a syndicate of Canadian underwriters led by Sprott Securities Limited. Each special warrant will be exercisable, without payment of any additional consideration, into one common share of Wi-LAN. Fifty per cent of the issue proceeds will be released to Wi-LAN on closing and the balance will be held in trust under the special warrant indenture creating the Special Warrants until such time as receipts for Wi-LAN's qualifying prospectus have been received and Wi-LAN's common shares are listed and posted for trading on The Toronto Stock Exchange. If receipts for the prospectus have not been obtained and the listing condition has not been satisfied within 120 days of closing, each special warrant will be exercisable, without payment of any additional consideration, into 1.1 common shares of Wi-LAN. "This is an important step for Wi-LAN," says Dr. Hatim Zaghloul, President and CEO of Wi-LAN Inc. "From the recent launch of our new product, we are focussed on staying ahead of the market by using W-OFDM technology to further develop our product offering. The financing will enable us to maintain our competitive edge in the marketplace." Wi-LAN launched I.WiLL(TM), its 30 Mbps wireless access point based on the company's patented W-OFDM technology in June 1999. Wi-LAN will use the proceeds of the issue to finance increased research and development exploiting its W-OFDM technology leadership and speed up the development of an Application Specific Integrated Circuit (ASIC) that would appreciably reduce the component cost of W-OFDM technology. The financing will also improve negotiating power for any licensing or partnership deals, and enhance the working capital for larger projects. The financing is scheduled to close on July 21, 1999 and is subject to confirmatory due diligence by the underwriters and necessary regulatory approvals. About Wi-LAN Wi-LAN delivers wireless data communications products that feature consistent high performance, easy installation and superior quality at significantly lower costs than traditional wire-based networking alternatives. Wi-LAN provides infrastructure and high-speed networking equipment for public and private wireless data networks. The company's Hopper(TM) and Hopper Plus products have been sold in more than 50 countries on six continents. Wi-LAN(TM) shares trade on the Alberta Stock Exchange under the symbol WIN. Detailed information on Wi-LAN can be found on the Web at wi-lan.com