AireSurf Networks Holdings Inc.

AireSurf Networks Holdings Inc.

November 24, 2015 12:35 ET

AireSurf and Miles Technology Inc. Enter Into a Plan of Arrangement

TORONTO, ONTARIO--(Marketwired - Nov. 24, 2015) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

AireSurf Networks Holdings Inc. ("Airesurf" or the "Company") is pleased to announce that it has entered into a statutory arrangement under a plan of arrangement ("Plan of Arrangement") with Miles Technology Inc. ("Miles"), a company existing under the laws of the Province of British Columbia.

Pursuant to the terms of an arrangement agreement dated November 12, 2015 ("Arrangement Agreement"), Airesurf and Miles agreed to enter into a license agreement ("License Agreement") under which AireSurf will transfer all of its interest in and to the License Agreement (the "Assets") to Miles in exchange for 1,000,000 common shares in the capital of Miles (the "Purchase Shares"), as consideration for exchange of the Assets. As a result of completing the Arrangement Agreement, Miles will become a wholly-owned subsidiary of AireSurf.

Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.

Contact Information

  • Airesurf Networks Holdings Inc.
    Lisa McCormack
    President
    T: (416) 361-2515