CALGARY, ALBERTA--(Marketwired - Feb. 21, 2014) - Times Three Wireless Inc. (TSX VENTURE:TTW) ("Times Three" or the "Company") announces that, to date, it has been unsuccessful in its efforts to secure any financing to fund any ongoing operations or to find a strategic partner to continue its technology business or to divest its assets. The Company does not have sufficient working capital to continue operations, with no present financing options available to it.
The Company also announces Jim Colvin, Jeff Fortin, Rob Henschel and William Middleton have all resigned as directors of Times Three effective immediately. No replacement directors have been appointed nor, through discussion with interested parties, have any persons expressed interest in becoming directors.
In addition to the foregoing, the Company has received notice from the TSX Venture Exchange ("TSXV") that trading in the Company's shares has been halted for the failure of the Company to maintain certain continued listing standards and that, subject to rectification of such deficiencies, the TSXV intends to suspend the trading in the Company's shares on the TSXV on February 21, 2014. Due to the Company's current working capital issues, the Company does not expect it will have sufficient resources to fund the rectification of such deficiencies, and as such, expects that trading in the Company's shares will be suspended.
About Times Three
Times Three, originally founded in 1995 as Cell-Loc Inc., is a technology innovation and licensing company based in Calgary. It has a long history of innovation and successful product development in wireless location technologies and continues to hold its portfolio of important patents and intellectual property.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS:
Certain statements contained in this news release constitute forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Times Three's control including the impact of general economic conditions, industry conditions, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Times Three's actual results, performance or achievement could differ materially from those expressed in or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits Times Three will derive therefrom.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, Times Three disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.