AireSurf Networks Holdings Inc.
CNQ : AIRE

AireSurf Networks Holdings Inc.

March 18, 2005 15:42 ET

AireSurf Proposes Private Placement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: AIRESURF NETWORKS HOLDINGS INC.

CNQ SYMBOL: AIRE

MARCH 18, 2005 - 15:42 ET

AireSurf Proposes Private Placement

TORONTO, ONTARIO--(CCNMatthews - March 18, 2005) - AireSurf Networks
Holdings Inc. (CNQ:AIRE) is pleased to announce that it has completed
the first tranche of a private placement of units of the Company,
issuing 650,000 units of the Company at a price of $0.10 per unit for
aggregate gross proceeds of $65,000. Each unit is comprised of one class
A voting share and one class A voting share purchase warrant. Each
warrant entitles the holder thereof to acquire an additional class A
voting share at a price of $0.15 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.

The Company continues its effort to raise an additional $85,000.
Completion of the private placement is subject to regulatory approval,
including satisfaction of the requirements of the CNQ.

Shares Outstanding: 24,421,328

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    AireSurf Networks Holdings Inc.
    Mr. Peter Gee
    Chief Financial Officer
    (905) 707-3445, ext. 119
    (905) 469-1389 (FAX)
    invest@airesurf.com