AireSurf Networks Holdings Inc.

AireSurf Networks Holdings Inc.

April 17, 2012 12:22 ET

AireSurf Receives Order to Discharge Trustee

TORONTO, ONTARIO--(Marketwire - April 17, 2012) - AireSurf Networks Holdings Inc. (the "Company") announces that, further to its press release of December 8, 2011, the Company has received an order of the Ontario Superior Court of Justice in Bankruptcy and Insolvency dated March 23, 2012, discharging Risman & Zysman Inc. as the trustee in bankruptcy of the of the estate of the Company. This is the final order with respect to the Company's bankruptcy proposal and concludes the bankruptcy proceedings. An aggregate of $958,254.28 of indebtedness was settled through the bankruptcy proposal.

The Company will now proceed with the consolidation of its common shares on a one for ten basis. The current 58,447,789 issued and outstanding common shares of the Company will be consolidated into approximately 5,844,778 common shares. If the consolidation would otherwise result in a shareholder holding a fraction of a common share, no fraction or fractional certificate will be issued and the shareholder will not receive a whole common share for each such fraction held. In all other respects, the post-consolidated common shares will have the same attributes as the existing common shares.

In addition, the Company has ceased to work with Avrev Canada Inc. to raise the requisite funds to purchase various proprietary security and sensor applications from Avrev. The Company is investigating strategic alternatives, including possible acquisitions, which may or may not involve a change of business, in order to enhance shareholder value.

This news release may contain certain "forward-looking information" within the meaning of the applicable securities laws. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

Shares Outstanding: 58,447,789

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