Tranzeo Wireless Technologies Inc.
TSX : TZT

Tranzeo Wireless Technologies Inc.

March 31, 2009 20:32 ET

Tranzeo Wireless Technologies Inc. Announces Filing Delay of Financial Statements

PITT MEADOWS, BRITISH COLUMBIA--(Marketwire - March 31, 2009) - Tranzeo Wireless Technologies Inc. (TSX:TZT) ("Tranzeo" or the "Company") today announced that its audited financial statements for the financial year ended December 31, 2008 and related management discussion and analysis and CEO and CFO certifications (the "Required Documents") will not be filed on the prescribed date required under Canadian securities regulations. The filing delay is necessary in order to conduct additional testing procedures required by the auditors, Dale, Matheson, Carr-Hilton, Labonte LLP, on the Company's raw materials and components as a result of the age of the raw materials and components. Management has been working to provide the support for the valuation of the raw materials and components and to provide reports to the auditors in order to enable the auditors to finalize their testing procedures. Currently, Tranzeo expects that such review will be completed by April 6, 2009, and that the Required Documents will be filed at that time.

In the interim, the Company will apply to the applicable securities regulatory authorities for a management cease trade order related to the Company's securities to be imposed against some or all of the persons who are or have been directors, officers or insiders of the Company for so long as the Required Documents are not filed. If granted, a management cease trade order would not generally affect the ability of persons who have not been directors, officers or insiders of the Company to trade the securities of the Company. However, the applicable securities regulatory authorities, in their discretion, may determine that it would be appropriate to issue a general issuer cease trade order which would prohibit trading of the Company's securities.

Until the Required Documents are filed, the Company intends to provide information in accordance with National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults.

About Tranzeo

Tranzeo Wireless Technologies Inc. (TSX:TZT) leads the wireless broadband industry as a premier manufacturer of high-performance wireless network equipment that allows communities and businesses to communicate without boundaries. Tranzeo's full spectrum of point-to-point and point-to-multipoint radios, WiMAX equipment, and mesh network solutions are designed for wireless internet service providers, governments, campuses, military, carriers, enterprise customers, and systems integrators around the globe. Headquartered in British Columbia, Canada, Tranzeo also has offices in San Diego, California and Shannon, Ireland. Visit www.tranzeo.com or phone 1.866.872.6936 for more information.

Forward Looking Information

This news release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Tranzeo to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this press release include, but are not limited to, the Company's expectation with respect to applying to the applicable securities regulatory authorities for a management cease trade order, the expected time for filing of the Company's Required Documents and the imposition of a cease trade order by applicable securities regulatory authorities. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances.

The forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations including, but not limited to, the risks detailed from time to time in Tranzeo's filings with Canadian provincial securities regulators. Also, with respect to the statements regarding the expected filing of the Required Documents, such statements are subject to the risk that the remediation steps may take longer than expected.

Tranzeo cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and Tranzeo does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.

Tranzeo and the Tranzeo logo are registered trademarks of Tranzeo Wireless Technologies Inc.

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