Airesurf Networks Holdings Inc.

Airesurf Networks Holdings Inc.

October 23, 2014 15:49 ET

Airesurf Enters Into Plan of Arrangement

TORONTO, ONTARIO--(Marketwired - Oct. 23, 2014) - Airesurf Networks Holding Inc. ("Airesurf") is pleased to announce it has entered into an arrangement agreement with Coltrane Technologies Inc. ("Coltrane").

The arrangement agreement is dated October 23, 2014 and includes a statutory plan of arrangement (the "Plan of Arrangement") with Coltrane. Pursuant to the Plan of Arrangement, Airesurf proposes grant Coltrane a license to use all technology and intellectual property owned by or licensed to Airesurf with respect to its wireless local area network amplifier (the "Technology"). In return, Coltrane issue Airesurf 1,000,000 common shares in the capital of Coltrane.

The license agreement will grant Coltrane a non-exclusive right to use and sub-license the Technology in the provinces of British Columbia and Alberta, Canada.

The proposed Plan of Arrangement is subject to approval by Coltrane shareholders and the Supreme Court of British Columbia.

Generic Capital Corporation has provided $25,000 to Airesurf to facilitate completion of the Plan of Arrangement. The loan is due on demand and bears interest at 8% per annum.

Forward-Looking Information:

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Highmark. Forward-looking information is based on certain key expectations and assumptions made by the management of Highmark, including future plans for acquisitions. Although Highmark believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Highmark can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. Highmark disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Contact Information

  • Airesurf Networks Holdings Inc.
    Chris Irwin
    President
    (416) 361-2516