AireSurf Networks Holdings Inc.

AireSurf Networks Holdings Inc.
Miles Technology Inc.

November 27, 2015 16:45 ET

AireSurf Networks Holdings Inc. and Miles Technology Inc. Close Plan of Arrangement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 27, 2015) - AireSurf Networks Holdings Inc. ("AireSurf") and Miles Technology Inc. ("Miles") are pleased to announce that on November 27, 2015, they completed a statutory arrangement under a plan of arrangement (the "Arrangement"). As a result of completing the Arrangement, Miles became a reporting issuer in Alberta.

On November 12, 2015, AireSurf and Miles entered into an Arrangement Agreement and Plan of Arrangement (the "Arrangement Agreement"). Completion of the Arrangement, as set forth in the Arrangement Agreement, was approved by unanimous consent resolutions of the shareholders of Miles Technology Inc. and a final order granted by the Supreme Court of British Columbia on November 23, 2015 in accordance with Part 9 of the Business Corporations Act (British Columbia).

Pursuant to the Arrangement, the following principal steps were completed on November 27, 2015:

  1. Miles issued AireSurf 1,000,000 Common shares in Miles to AireSurf (the "Purchase Shares");

  2. AireSurf was added to the central securities register of Miles in respect of the Purchase Shares; and

  3. AireSurf licensed Miles an interest in technology related to its wireless local area network (WLAN) amplifier.

Upon the Arrangement becoming effective on November 27, 2015, Miles became a reporting issuer in the jurisdiction of Alberta.

Forward-Looking Information:

This press release may include forward-looking information within the meaning of Canadian securities legislation. The forward-looking information is based on certain key expectations and assumptions made by the management of Miles and AireSurf. Although the companies believe 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 the companies cannot provide any assurance that it will prove to be correct. These forward-looking statements are made as of the date of this press release and the companies disclaim 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.
    Arvin Ramos
    Secretary
    (416) 855-9305