AireSurf Networks Holdings Inc.

AireSurf Networks Holdings Inc.

November 14, 2007 17:10 ET

AireSurf Announces Debt Settlement

TORONTO, ONTARIO--(Marketwire - Nov. 14, 2007) - AireSurf Networks Holdings Inc. (CNQ:AIRE) announces that the directors of the Company have declared a bonus of $85,000 to the members of management of the Company. The Company has agreed to settle $55,000 owing under the bonus and other indebtedness totalling $110,000 of indebtedness through the issuance of 1,100,000 common shares in the capital of the Company at a price of $0.10 per share. The remaining $30,000 owing under the bonus will be used as consideration for the exercise of 200,000 options to purchase 200,000 shares at $0.15 per share by a director of the Company.

Robert McGowan, Donald Kemp and Charles Vickers are insiders of the Company and have participated in the management bonus. Mr. McGowan and Mr. Kemp have also participated in the debt settlement on the same terms as arm's length consultants, and the shareholdings of Messrs. McGowan and Kemp will increase by 600,000 and 300,000 common shares, respectively, as a result of such participation. The settlement of debt may close before 21 days following the filing of the material change report regarding this announcement, if management determines it is necessary or desirable for sound business reasons.

Shares Outstanding: 37,705,806

Contact Information

  • AireSurf Networks Holdings Inc.
    Mr. Robert McGowan
    (416) 368-9411
    (416) 861-0749 (FAX)