AireSurf Networks Holdings Inc.

AireSurf Networks Holdings Inc.

July 18, 2007 16:18 ET

AireSurf Announces Proposed Private Placement, Settlement of Debt and Grant of Options

TORONTO, ONTARIO--(Marketwire - July 18, 2007) - AireSurf Networks Holdings Inc. (CNQ:AIRE) announces a proposed private placement of up to 2,500,000 units of the Company at a price of $0.05 per unit for gross proceeds of up to $125,000. Each unit is to be comprised of one share and one common share purchase warrant. Each warrant entitles the holder thereof to acquire an additional common share at a price of $0.10 for a period of two years following the closing of the offering. The proceeds of the private placement will be used for general working capital purposes. This private placement is in addition to the $50,000 private placement announced on June 14, 2007, which is scheduled to close shortly.

Completion of the private placement is subject to regulatory approval, including satisfaction of the requirements of the CNQ.

In addition, AireSurf has agreed to settle an aggregate of up to $100,000 of indebtedness through the issuance of an aggregate of 2,000,000 common shares in the capital of the Company at a price of $0.05 per share.

AireSurf also wishes to announce that it has granted an aggregate of 900,000 options to purchase common shares of the Company exercisable at a price of $0.10 per share for a period of five years to directors and officers of the Company. The common shares issuable upon exercise of the options are subject to a four month hold period from the original date of grant.

The Company is continuing to settle debt and raise funds to strengthen its balance sheet and develop its wireless booster. The Company intends to make application for FCC approval of its wireless booster shortly.

Shares Outstanding: 32,535,139

Contact Information

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