International Sovereign Energy Corp. announces Arrangement Agreement with Wi2Wi Corporation and provides details of proposed reverse takeover
Calgary, Alberta CANADA, July 09, 2012 /FSC/ - International Sovereign Energy Corp. (ISR.H - TSX Venture), ("ISEC") is pleased to announce that it has entered into an Arrangement Agreement dated July 6, 2012 with Wi2Wi Corporation ("Wi2Wi") pursuant to which ISEC will acquire all of the issued and outstanding shares of Wi2Wi by way of a plan of arrangement pursuant to the Canada Business Corporations Act (the "Transaction"). The Transaction is considered a reverse takeover under the policies of the TSX Venture Exchange (the "TSXV") and is subject to the approval of the Ontario Superior Court of Justice, the TSXV and shareholders of ISEC and Wi2Wi. This transaction was previously announced on March 12, 2012.
About Wi2Wi
Wi2Wi, a private growth-stage technology company based in Silicon Valley, is a leader in embedded wireless connectivity solutions for premium machine-to-machine (M2M) and major vertical markets worldwide. Wi2Wi's core offering is a set of WiFi, WiFi-Bluetooth, and Global Position System ("GPS") solutions, which have complete hardware in a miniature subsystem form, systems software, and required regulatory approvals (FCC, CE, IC). Wi2Wi's strategy is to offer plug-and-play wireless solutions enabling substantial savings on time-to-market, cost, system-integration and certification for devices in premium machine-to-machine ("M2M") and major vertical markets.
Wi2Wi was incorporated on July 9, 2004 under the Canada Business Corporations Act ("CBCA"). On December 12, 2005, Wi2Wi acquired all of the issued and outstanding shares of Wi2Wi, Inc. through a reverse takeover transaction and changed its name from "Sargeant Bay Capital Inc." to "Wi2Wi Corporation". Wi2Wi, Inc., a company incorporated under the laws of the State of Delaware with its head office in San Jose, California, serves as the operating subsidiary of Wi2Wi. Wi2Wi, Inc. was formed in October 2005 and was mainly inactive until it acquired Actiontec Electronic Inc.'s original equipment manufacturing division, which was spun off from Actiontec Electronic Inc., effective October 1, 2005. From 2005 to 2008, Wi2Wi, Inc. focused on consumer markets, which are no longer the target market for Wi2Wi.
Since 2008, Wi2Wi has focused on non-consumer markets, in particular on premium M2M and major vertical markets for embedded wireless connectivity solutions including Industrial / Medical, Smart-Metering / Smart-Home and Government / Infrastructure.
Wi2Wi products include WiFi, WiFi-Bluetooth and GPS modules with industrial-class -40 to +85 Centigrade operating range. Wi2Wi's WiFi/WIFi-BT and GPS products are among the smallest industrial-class modules in the world and ideal for embedded applications. WiFi products support dynamically switching access-point/client mode, and WiFi-direct.
WiFi has been widely adopted worldwide and is expected by management of Wi2Wi to continue to be significant in these segments and applications. These substantially growing markets leverage Wi2Wi's WiFi, Bluetooth, and GPS solutions with field-proven significant performance and economic advantages, as also deployed by Wi2Wi's customers (including Phillips, Motorola, GE, and Honeywell).
The medical M2M market is expected to double within the next 4 years, growing at approximately 24% CAGR to a Multi-Billion dollar market with over 700 Million devices expected by 2020. WiFi is expected to have a substantial share as a connectivity solution in this segment for up to 70% of these devices. Wi2Wi customers in this segment include one of the top two medical equipment companies worldwide and other major leaders in this segment.
Industrial M2M and applications (including automotive) are also expected to grow significantly and significantly improve the economics and effectiveness for these markets. Wi2Wi customers in this segment include leaders in infra-red portables, auto-diagnostics tools, commercial vehicles, construction / surveying tools, and corporate fleets.
Smart-Home/Smart-Building M2M and applications are expected to grow 65-fold by 2020 according to Nikkei Business Publications. Wi2Wi customers in this segment include industry leaders in smart thermostats, solar panel inverters and multi-media distribution.
Government and infrastructure applications are also growing. Wi2Wi customers in this segment include some of the top suppliers globally in this segment.
Wi2Wi has tier-1 global Best-in-Class partnerships with industry-leading silicon, distribution and supply chain companies. Avnet (AVT), the global leader in electronics distribution, is Wi2Wi's global distribution partner, complemented by Mouser Electronics, the global leader in catalog distribution. In addition, Wi2Wi has a comprehensive North American sales representative network. Wi2Wi's seasoned management team includes PhDs from Stanford and Purdue and their respective backgrounds include experience at industry leaders.
As of the date hereof, Wi2Wi has 288,366,629 common shares, 1,000,000 Class A Convertible Preferred Shares, 1,500,000 Class B Convertible Preferred Shares, 200,000 Class C Convertible Preferred Shares issued and outstanding as well as 49,391,666 options and 7,898,000 warrants outstanding.
About ISEC
ISEC was incorporated under the Business Corporations Act (Alberta) (the "ABCA") and was formerly engaged in the acquisition, exploration and production of petroleum and natural gas reserves in Western Canada. During 2011 and early 2012, ISEC disposed of all of its material assets. As part of the disposition of its assets, ISEC entered into an asset purchase agreement with Legend Oil and Gas Ltd. ("Legend Oil") dated September 13, 2011 (the "Legend Oil Asset Purchase Agreement") which provided for the sale to Legend Oil of the majority of the petroleum and natural gas leases, lands and facilities held by ISEC in consideration for cash and 24,902,763 shares of Legend Oil. The completion of the sale was announced on October 21, 2011.
The common shares of ISEC ("ISEC Shares") were listed on the Toronto Stock Exchange ("TSX") until December 28, 2011 when ISEC elected to voluntarily de-list from the TSX and begin trading on the NEX board of the TSXV under the symbol "ISR.H". Trading in the ISEC Shares was halted on March 12, 2012 pending the completion of certain due diligence investigations by the TSXV in connection with the Transaction. There is no assurance that trading in the ISEC Shares will resume prior to completion of the Transaction.
As of the date hereof, ISEC has 16,096,084 ISEC Shares issued and outstanding and 1,535,000 stock options outstanding under ISEC's stock option plan.
The Transaction
Under the terms of the arrangement agreement dated July 6, 2012 (the "Arrangement Agreement") between ISEC and Wi2Wi, among other things, all of the issued and outstanding common shares of Wi2Wi (the "Wi2Wi Shares") will be exchanged for securities of ISEC. Wi2Wi will subsequently amalgamate with ISEC to form the resulting issuer (the "Resulting Issuer"). Upon completion of the Transaction, the Resulting Issuer will be the surviving entity and former Wi2Wi shareholders will hold 80% of the issued and outstanding common shares of the Resulting Issuer (the "Resulting Issuer Common Shares") with the current ISEC shareholders holding the remaining 20% of the Resulting Issuer Common Shares ("Post-Transaction Equity Ownership").
The plan of arrangement provides for the following sequence of events, among others:
(a) the creation of an unlimited number of new ISEC common shares (each, a "New ISEC Share") and an unlimited number of new ISEC preferred shares (each, a "New ISEC Preferred Share"), each New ISEC Preferred Share entitled only to the net cash proceeds of the sale or dividends in respect of the common shares of Legend Oil;
(b) the change of each of the existing ISEC Shares for one New ISEC Common Share and one New ISEC Preferred Share;
(c) the deletion of the authorized and unissued ISEC Shares, ISEC Class B common shares and ISEC Class A preferred voting shares in the capital of ISEC;
(d) the cancellation of the issued and outstanding Wi2Wi Class A Convertible Preferred Shares and Class B Convertible Preferred Shares;
(e) to the extent not previously converted by the holders at their option, the conversion of the issued and outstanding Wi2Wi Class C Convertible Preferred Shares into Wi2Wi Shares;
(f) the transfer of Wi2Wi Shares by the holders thereof to ISEC in exchange for that number of New ISEC Shares such that former Wi2Wi shareholders will hold 80% of the issued and outstanding New ISEC Shares with the current ISEC shareholders holding the remaining 20% of the New ISEC Shares;
(g) the amalgamation of ISEC and Wi2Wi to form the Resulting Issuer (the "Amalgamation"). Pursuant to the Amalgamation:
i. the issued and outstanding New ISEC Shares will be converted into Resulting Issuer Common Shares;
ii. the issued and outstanding New ISEC Preferred Shares will be converted into preferred shares of the Resulting Issuer (the "Resulting Issuer Preferred Shares");
iii. all issued and outstanding Wi2Wi convertible securities and options being converted into convertible securities and options of the Resulting Issuer using the same conversion ratio; and
iv. all outstanding options shall have their exercise period extended to the extent required so that no option expires before the first anniversary of the Transaction.
Completion of the Transaction between ISEC and Wi2Wi is subject to certain conditions including (i) approval from Ontario Superior Court of Justice (Commercial List); (ii) TSXV approval; (iii) approval from shareholders of both ISEC and Wi2Wi with no more than 10% of such shareholders exercising dissent rights under the provisions of the ABCA or the CBCA, as applicable; (iv) continuance of ISEC from the ABCA to the CBCA; (v) ISEC having a minimum of $4,000,000 in cash or cash equivalents on the completion date; and (vi) Wi2Wi having raised a minimum of $1,500,000 in financing between January 1, 2012 and the completion date.
Following the completion of the Transaction and based on the expected conversion ratio of 4.481 Wi2Wi Shares for one (1) New ISEC Share, it is expected that there will be 80,480,420 Resulting Issuer Common Shares, 16,096,084 Resulting Issuer Preferred Shares, 12,557,464 stock options and 1,762,551 common share purchase warrants of the Resulting Issuer.
Following the completion of the Transaction, the Resulting Issuer will own all of the issued and outstanding shares of Wi2Wi, Inc., which will be the operating subsidiary of the Resulting Issuer, and the Resulting Issuer will continue the business of Wi2Wi.
Shareholders Approvals
An ISEC special and annual shareholders' meeting (the "Meeting") will be held to approve the Continuance, the Transaction and certain other matters. It is expected that a management information circular ("Management Information Circular") containing full information on the Transaction will be sent to ISEC shareholders in July 2012.
Similarly, a Wi2Wi special shareholders' meeting to approve the Transaction and certain other matters will be held. It is expected that a management information circular containing full information on the Transaction will be sent to Wi2Wi shareholders in July 2012.
Board of Directors of the Resulting Issuer
The Board of Directors of the Resulting Issuer is expected to be comprised of 13 directors. The following information about the proposed directors is provided for information purposes only. Additional disclosure concerning the prospective directors will be contained in the Management Information Circular.
Dr. Reza Ahy
Dr. Ahy joined Wi2Wi in February of 2008 as CEO and President of Wi2WI. Dr. Ahy is a seasoned CEO with more than 20 years of leadership experience including serving as former Chairman and CEO of Aperto Networks, and VP Engineering/CTO of RadioLAN, and leadership roles at Harris Corporation and Varian Associates. Previously, Dr. Ahy has been an adviser to leading companies including Hewlett-Packard and has served on the boards of directors and in advisory roles to several private companies. Dr. Ahy has a Ph.D (EE) from Stanford University (Rockwell and Stanford-CIS Fellow), holds over 15 patents, and is the recipient of several wireless industry awards. Dr. Ahy is currently a director of Wi2Wi.
Dr. Hans P. Black
Dr. Black is currently Chairman and Chief Investment Strategist of Interinvest, a global money management firm for private wealth clients, which he founded in Montreal in the mid 70's, with offices in Boston and affiliate offices in Bermuda, London and Zurich. Dr. Black is also Chair of the Board of directors of Wi2Wi, Inc., and serves as a member and Chairman of the board of numerous private and public entities. Dr. Black received his Bachelor of Science degree, magna cum laude, from Union College in New York, where he was elected a Phi Beta Kappa scholar. He studied law in France and subsequently graduated from McGill University in Montreal with a Doctorate in Medicine. Dr. Black is a member of the Montreal Society of Financial Analysts (MSFA) and the Chartered Financial Analyst Institute. Dr. Black is currently a director and Chair of the Board of directors of Wi2Wi.
Harry J.F. Bloomfield, Q.C.
Mr. Bloomfield is principal and managing partner of the law firm Bloomfield & Avocats. He specializes in Canadian corporate law, international finance, securities law and international taxation law. Mr. Bloomfield also has experience in international banking law, shipping law, and patent and trademark law, finance and mergers and acquisitions. He is Chairman of the Humane Society of Canada and sits on the boards of numerous private and public entities including the Jewish National Fund of Canada. Mr. Bloomfield obtained his law degree from the Universite de Montreal and a Masters of Business Administration from the Harvard Graduate School of Business Administration. Mr. Bloomfield is currently a director of Wi2Wi.
Michael Chertoff
Mr. Chertoff is currently senior counsel with Covington & Burling LLP in Washington, D.C. and a member of the White Collar Defense and Investigations Group while also serving as Chairman and founder of the Chertoff Group, a security and risk management advisory firm with offices in Washington, D.C., New York, and London. Mr. Chertoff previously served as Secretary of the U.S. Department of Homeland Security where he spearheaded a number of significant initiatives. From 2003 to 2005, Mr. Chertoff served on the U.S. Court of Appeals for the Third Circuit. Before becoming a federal judge, Mr. Chertoff was the Assistant Attorney General for the Criminal Division of the U.S. Department of Justice following more than a decade as a federal prosecutor, including service as U.S. Attorney for the District of New Jersey, First Assistant U.S. Attorney for the District of New Jersey, and Assistant U.S. Attorney for the Southern District of New York. Mr. Chertoff is currently a director of Wi2Wi.
John Lokker, C.A.
Mr. Lokker is Chief Executive Officer of Neal Traffic Services Limited, a transportation consulting services firm providing support to shippers within the North American and Global logistics marketplace. Mr. Lokker was Vice President of Clublink Enterprises Limited (previously Tri-White) ("Clublink") from 1998 to 2000 and is a former officer and consultant of Morguard Corporation. He has also held the position of CFO of Kingsway-Motorways, the largest transportation organization of its time, and President of Consolidated Fastfrate. Since 2000, he has served as a Director and Chairman of the Audit Committee of Clublink. Mr. Lokker is a Chartered Accountant and Certified Fraud Examiner with direct experience in senior financial roles, including corporate finance and internal audit. Mr. Lokker is currently a director of ISEC.
Sharad Mistry, C.A.
Mr. Mistry has over 25 years experience in the areas of corporate finance, business, and risk management. He is a Chartered Accountant and was previously Vice President of Financial Services for Dylex Limited, one of Canada's leading retail chains. Since 1996, he has provided financial, project management, mergers and acquisition and consultancy services to corporations, including publicly listed companies in Canada and the U.S. Mr. Mistry's industry experience includes work with battery manufacturing, investment management firms, automotive accessories design and manufacturing, apparel manufacturing, retail, biotechnology research and development, franchise operations, information technology, and services businesses. Mr. Mistry is Finance Chair and a Director of Registered Insurance Brokers of Ontario. Mr. Mistry is currently the Chief Executive Officer and Chief Financial Officer and a director of ISEC.
General Peter Pace
General Pace was the sixteenth Chairman of the Joint Chiefs of Staff and served as the principal military advisor to the President, the Secretary of Defense, the National Security Council and the Homeland Security Council. Prior to becoming Chairman, he served as Vice Chairman of the Joint Chiefs of Staff. General Pace retired from active duty on October 1, 2007. He is currently serving on the boards of directors of several corporate entities involved in management consulting, private equity, and IT security. He served on the President's Intelligence Advisory Board and is currently on the Secretary of Defense's Defense Policy Board. General Pace served as leader-in-residence and the Poling Chair of Business and Government for the Kelley School of Business, Indiana University for the 2008-2010 Tenure. General Pace is a graduate of the United States Naval Academy, holds a Master's Degree in Business Administration from George Washington University, attended the Harvard University Senior Executives in National and International Security program, and graduated from the National War College. General Pace is currently a director of Wi2Wi.
David Oksenberg
Mr. Oksenberg is founder and president of BioCern, Inc, which he formed to pursue novel livestock-related applications of emerging bio-separations technologies. He previously served for fifteen years as a United States Army infantry officer, commanding air assault, light, and headquarters infantry units and serving in staff and advisory roles in Saudi Arabia, South Korea, and Germany. He is a 2004 graduate of the Harvard Business School and a 1989 graduate of the United States Military Academy at West Point, New York. Mr. Oksenberg is currently a director of Wi2Wi.
Michael R. Sonnenreich
Mr. Sonnenreich has vast experience in the global pharmaceutical industry. He is currently Chairman and CEO of Kikaku America International, and Vice Chairman of PharMa International Corporation of Tokyo. He is a director of Amorfix Life Sciences and Les Aliments SoYummi, Inc. Mr. Sonnenreich has in the past been a board member and trustee of numerous companies and universities and has long-term involvement with many nonprofit institutions. Mr. Sonnenreich previously served in government in the Department of Justice and was appointed Executive Director of the National Commission on Marijuana and Drug Abuse. He is a graduate of the University of Wisconsin, the University of Madrid, Spain, and Harvard University Law School. Mr. Sonnenreich is currently a director of Wi2Wi.
Norman Steinberg
Mr. Steinberg is Chairman of Norton Rose Group and Norton Rose Canada LLP. Norton Rose Canada is a full service business law firm where he has practiced corporate and commercial law since 1976. In addition to conducting numerous Canadian and Canada/U.S. cross-border and international financings, Mr. Steinberg has also been involved in a number of high-profile mergers and acquisitions and privatization transactions. He also frequently advises boards of directors on various matters. Mr. Steinberg has sat on various public, private and not for profit boards, including the Montreal Symphony Orchestra and The Montreal Museum of Fine Arts Foundation. Mr. Steinberg is a recipient of the distinction Advocatus Emeritus from the Quebec Bar and a former member of the Advisory Committee to the Autorite des marches financiers (Quebec). Mr. Steinberg holds a B.C.L. and B.Sc. from McGill University. Mr. Steinberg is currently a director of Wi2Wi.
David Tahmassebi
Mr. Tahmassebi has over 15 years of experience in the marketing, sales, and engineering management of wireless and consumer-related semiconductor products. Prior to joining WK Technology Fund, Mr. Tahmassebi served as President, CEO and Co-chairman of Berkana Wireless, a fabless semiconductor start-up focused on CMOS RF transceivers for the cellular market. Mr. Tahmassebi's efforts ultimately resulted in the sale of the company to Qualcomm for US$56 million in 2005. Earlier, Mr. Tahmassebi was Co-founder, President and CEO of Resonext Communications, an 802.11 fabless semiconductor company where he raised US$68 million in venture funding and sold the company to RFMD for US$133 million. Mr. Tahmassebi began his career at Stanford Telecom, a leading provider of semiconductor and system solutions to the telecommunications industry and holds a B.S. in Electrical Engineering from the University of Maryland. Mr. Tahmassebi is currently a director of Wi2Wi.
John W. Weaver
Mr. Weaver was President and Chief Executive Officer of Abitibi-Consolidated from 1999 until the formation of AbitibiBowater in October 2007 when he became Executive Chairman. Mr. Weaver has held a number of key positions with various companies in the forest products industry. As CEO of Abitibi-Consolidated, Mr. Weaver grew the company through mergers and acquisitions, and subsequently lowered the company's overall cost-structure, capital expenditures and selling, general and administrative expenses. Mr. Weaver was instrumental in the merger with Bowater announced in early 2007. He announced his retirement in July 2008. Mr. Weaver is a director of AbitibiBowater and the not-for-profit U.S. Endowment for Forestry and Communities. Mr. Weaver graduated with a Ph.D. from the Institute of Paper Science and Technology. He was Chairman of the Forest Products Association of Canada in 2002 and 2003. Mr. Weaver is currently a director of Wi2Wi.
James Andrew Wyant
Mr. Wyant has filled a number of roles in public and private companies. He was Vice-Chair of Wyant Corporation, a public corporation that was listed on the NASDAQ-SmallCap exchange until he presided over its successful sale to a subsidiary of Cascades Paper Inc. in 2000. Mr. Wyant presently operates a consulting business advising businesses on issues of strategic planning and financing. Mr. Wyant is the former Chair of the board of Vermont Public Television and in 2000 became Chair of the Public Television Association of Quebec. He was awarded the Public Broadcasting Service Leadership Award in 2003. He is also treasurer of Pavilion Foster, an addiction treatment organization in southern Quebec. Mr. Wyant is currently a director of Wi2Wi.
Senior Management of the Resulting Issuer
The following is a brief description of each individual proposed to be involved in the senior management of the Resulting Issuer upon completion of the Transaction.
Dr. Reza Ahy - Chief Executive Officer
See section entitled "Board of Directors of the Resulting Issuer".
Marty McFarland - Chief Financial Officer
Mr. McFarland has over 25 years of experience with emerging and public companies. He became the CFO of Wi2Wi in April 2011. Before joining Wi2Wi, Mr. McFarland was CFO of PacketMotion, Inc. and Kasenna, Inc. and Corporate Controller of Harmonic. Mr. McFarland is a CPA having worked for PricewaterhouseCoopers and has an MBA from the University of California, Berkeley.
Dr. Tony Fardanesh - Chief Technology Officer
Dr. Fardanesh joined Wi2Wi in March of 2007 as Director of Engineering and became its CTO in December 2011. His primary responsibilities include directing the development of products from conception to high volume production. Dr. Fardanesh manages a team of system, embedded software, hardware, test, and RF engineers. Prior to joining Wi2Wi, he was the director of engineering for AMC Network Services. Before joining private industry, Dr. Fardanesh was a professor at California State University, Monterey Bay, teaching wireless communications, digital communications, networking and image and video processing. He holds a Ph.D. and a master's degree in electrical engineering from Purdue University.
Zachariah J. Mathews - Chief Operating Officer
Mr. Mathews has over 15 years of management experience with emerging and public companies in global operations, supply chain and operations engineering. He joined Wi2Wi in May 2010 as Director of Operations and, in December 2011, became the COO of Wi2Wi. His past experiences includes roles such as senior manager of operations and operations engineering at RF Micro Devices, Inc., director of global operations and supply chain and product line management at Sirenza Microdevices, Inc. and director of operations and supply chain at Micro Linear Corp (now RF Micro Devices, Inc.). Mr. Mathews completed both his undergraduate and graduate studies in business, cost and management accounting at Kerala University, India.
Selected Financial Information
For the year ended December 31, 2011, Wi2Wi (on a consolidated basis) had total assets of US$1,839,000, total liabilities of US$3,190,000, revenue of US$4,930,000, gross profit of US$1,946,000, and a net loss of US$2,050,000, based on audited financial statements prepared in accordance with international financial reporting standards. The Management Information Circular will contain the audited financial statements of Wi2Wi for the years ended December 31, 2011, 2010 and 2009 and the interim financial statements for the period ended March 31, 2012.
The financial statements of ISEC may be viewed on SEDAR at www.sedar.com.
Sponsorship
Canaccord Genuity Corp. has agreed, subject to completion of satisfactory due diligence, to act as sponsor in connection with the Transaction. An agreement to sponsor should not be construed as any assurance with respect to the merits of the transaction or the likelihood of completion.
Completion of the Transaction is subject to a number of conditions, including TSXV acceptance and disinterested shareholder approval. The Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of ISEC should be considered highly speculative.
The TSXV has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this press release.
All information contained in this news release with respect to ISEC and Wi2Wi was supplied by the parties respectively, for inclusion herein, and each party and its directors and officers have relied on the other party for any information concerning the other party.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable securities laws relating to, among other things, the Transaction and the proceedings and transactions related thereto, proposed management and directors of the Resulting Issuer, the business, operations and results of the Resulting Issuer after completing the Transaction, and estimates and projections regarding the industry and adoption of technologies. 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 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 Transaction will be completed. Factors that could cause actual results to differ materially include, but are not limited to, changes in ISEC's or Wi2Wi's business, general business, economic and competitive uncertainties and delay or failure to receive board, shareholder or regulatory approvals. Likewise, the operations and results of the Resulting Issuer after completing the Transaction will be negatively impacted if the projections in this news release relating to growth in the industry and adoption of the technologies underlying the Resulting Issuer's products are not met.
The statements in this news release are made as of the date of this release. Forward-looking statements in respect of ISEC or Wi2Wi, as the case may be, are made based on the beliefs, estimates and opinions of the management of ISEC or Wi2Wi, respectively, on the date the statements are made, and neither ISEC nor Wi2Wi undertake any obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law
Further Information
For further information with respect to ISEC, please contact:
Sharad Mistry
Chief Executive Officer, Chief Financial Officer and Director
International Sovereign Energy Corp.
T: [416] 844 7955
E: smistry@isove.com
For further information with respect to Wi2Wi, please contact:
Reza Ahy
Chief Executive Officer and Director
Wi2Wi Corporation
T: [408] 416-4200
F: [408] 416-4201
E: reza@wi2wi.com
Common Shares: 16,096,084
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www.usetdas.com/PR/internationalsovereign09072012.htm
Source: International Sovereign Energy Corp. (ISR.H - TSX-V) http://www.isove.com
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