Sandvine Corporation
TSX : SVC
AIM : SAND

Sandvine Corporation

July 12, 2007 09:27 ET

Sandvine Closes Bought Deal Financing

WATERLOO, ONTARIO--(Marketwire - July 12, 2007) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRES OR FOR DISSEMINATION IN THE UNITED STATES

Sandvine Corporation (TSX:SVC)(AIM:SAND), a leading provider of intelligent broadband network solutions for DSL, FTTH, cable, and wireless carriers, has completed the issuance of 8,911,000 common shares at a price of $5.05 per common share (the "Offering Shares"), pursuant to a (final) short form prospectus dated July 6, 2007, through a syndicate of underwriters led by Canaccord Capital Corporation and CIBC World Markets Inc. In addition, the underwriters have exercised the option to purchase an additional 1,336,650 common shares at a price of $5.05 per common share (the "Over-Allotment Shares") bringing the gross proceeds of the offering to $51,750,632.

The net proceeds of the offering are anticipated to be used by Sandvine (i) to continue to fund its growth in markets of new emerging access technologies, (ii) to expand its investment in direct and indirect sales and marketing activities, and (iii) for potential future acquisitions and general corporate purposes.

Application has been made for the 10,247,650 common shares sold pursuant to the offering to be admitted to trading on AIM and listed on the TSX with trading commencing on July 12, 2007 in respect of the Offering Shares and July 17, 2007 in respect of the Over-Allotment Shares. Sandvine now has 135,222,383 common shares in issue, none of which are held in treasury.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The common shares offered pursuant to the offering have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the common shares may not be offered or sold in the United States except pursuant to applicable exemptions from registration.

ABOUT SANDVINE

Sandvine's award-winning network equipment helps DSL, cable, and wireless broadband service providers characterize what is really happening on their networks, enabling polices that improve customer satisfaction, reduce operational costs and increase profitability. Sandvine's DPI-based policy solutions are both application and subscriber-aware, empowering service providers to better manage network traffic congestion, mitigate the proliferation of malicious traffic, and deliver QoS-prioritized multimedia services. With over 80 customers in more than 30 countries, Sandvine is enhancing the Internet experience for millions of broadband users worldwide.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain statements contained in this news release constitute forward-looking information within the meaning of securities laws.

Forward-looking information may relate to our future outlook and anticipated events or results and, in some cases, can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts.

These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.

Forward looking-information is also subject to certain factors, including risks and uncertainties, that could cause actual results to differ materially from what we currently expect. These factors include changes in market and competition, governmental or regulatory developments and general economic conditions.

Contact Information

  • INVESTOR RELATIONS CONTACT
    Sandvine
    Rick Wadsworth
    (519) 880-2400 ext. 3503
    Email: rwadsworth@sandvine.com
    Website: www.sandvine.com
    or
    AIM NOMAD
    Canaccord Adams Limited
    Chris Bowman/Andrew Chubb
    +44 207 050 6500