AireSurf Networks Holdings Inc.

AireSurf Networks Holdings Inc.

November 26, 2015 11:24 ET

CORRECTION FROM SOURCE: Airesurf Networks Holdings Inc.

TORONTO, ONTARIO--(Marketwired - Nov. 26, 2015) - Airesurf Networks Holdings Inc. ("Airesurf" or the "Company") would like to issue a correction from source to the news release disseminated on November 24, 2015 at 12:35 p.m. (Eastern Standard Time). Certain terms of the transaction were inaccurately described. The correct version is as follows:

AIRESURF AND MILES TECHNOLOGY INC. ENTER INTO A PLAN OF ARRANGEMENT

Airesurf is pleased to announce it has received court approval for a statutory plan of arrangement pursuant to an arrangement agreement entered into with Miles Technology Inc. ("Miles").

Pursuant to the plan of arrangement, Airesurf proposes to grant Miles 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, Miles will issue Airesurf 1,000,000 common shares in the capital of Miles. The arrangement agreement was entered into on November 12, 2015 and a final order was granted by the Supreme Court of British Columbia on November 23, 2015 in accordance with Part 9 of the Business Corporations Act (British Columbia). The arrangement agreement is planned to close on November 27, 2015.

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

Forward-Looking Information:

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Airesurf. Forward-looking information is based on certain key expectations and assumptions made by the management of Airesurf, including future plans for acquisitions. Although Airesurf 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 Airesurf 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. Airesurf 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.

Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.

Contact Information

  • Lisa McCormack, President
    Airesurf Networks Holdings Inc.
    (416) 361-2515