Wi2Wi Corporation Announces its Audited Financial Results for the Year Ended December 31, 2012
This news release is not for dissemination in the United States or to U.S. persons.
Toronto, Ontario, May 02, 2013 /FSC/ - Wi2Wi Inc. (YTY - TSX Venture),("Wi2Wi" or the "Company") is pleased to announce its audited financial results for the year ended December 31, 2012.
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 devises.
2012 was a transition year for the Company as it worked to complete the recent Reverse Take Over transaction between Wi2Wi and International Sovereign Energy Corp. In addition, 2012 was also a product transition year as the Company developed and has now introduced a series of advanced products that should propel revenues strongly higher. Additionally, the Company was impacted during 2012 by product constraints from suppliers.
Dr. Hans Black, Chairman of Wi2Wi stated "The completion of the RTO has allowed us to embark on the next phase of our development. We are proud of the products that the Company is offering its customers and feel that it will continue to add new clients in a variety of industrial, smart metering, medical and defense markets. "
Dr. Reza Ahy, Chief Executive Officer stated that "With the completion of the development of W2CBW0016, the world's smallest industrial-temperature WiFi & WiFi-Bluetooth SiP, the Company can proceed with production which is scheduled by the end of the third quarter of 2013. Together with our Industrial-Class GPS (0008 & 0084) and Extended-Temperature WiFi & WiFi-Bluetooth SiP (0015), these constitute and excellent set of solutions for our market & customer needs"
He further stated that "This is coupled with re-building America's sales team and network of manufacturers' sales representatives, inclusive of eight new sales partners which has led to major New Design Wins with Tier-1 & Key Customers. We expect production orders in late 2013 & 2014.
Wi2Wi feels that as a public company it will have greater visibility thus enhancing its sales efforts and also providing it easier access to additional capital allowing the Company to continue its growth and research and development programs.
The results at December 31, 2012 for International Sovereign Energy Corp have been released and are available on Sedar at www.sedar.com
Mr. Norm Steinberg has announced his resignation from the Board of Directors of Wi2Wi Corporation effective April 30, 2013. His immense schedule as the Global Chairman of Norton Rose has curtailed his duties as a director of the Company. Dr. Hans Black, Chairman stated "It is with deep regret that Mr. Steinberg is leaving the Board of the Company. He has been a director since 2006, and, based on his business acumen and vast experience has been a dedicated and knowledgeable resource as the Company developed its product line and its business. His presence will be sorely missed and we are grateful for the important role he has played in directing the affairs of the Company during his tenure for which he has our deepest thanks."
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December December December December
31, 2012 31, 2011 31, 2012 31, 2011
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(3 Months) (Months) Year Year
(in thousands of
U.S. dollars) $ $ $ $
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Statement of Results
Revenues 665 1,518 3,262 4,930
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Gross Profit 246 565 1,109 1,946
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Operating Expenses
Research and development 310 340 1,166 1,047
Selling, general and
administrative 847 821 3,897 2,875
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Net Loss after interest
and before income taxes (1,021) (608) (4,106) (2,050)
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Net loss per share, basic
and diluted ($0.01) (0.01)
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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.
To view the news release as a PDF file, please click on the following link:
http://www.usetdas.com/pr/wi2wi05022013.pdf
Source: Wi2Wi Inc. (YTY:CA TSXV) http://www.wi2wi.com
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