TORONTO--(Marketwire - Feb 14, 2013) - Wi2Wi Corporation ("Wi2Wi," or the "Company") (TSX VENTURE: YTY) is pleased to announce the release of its Unaudited Interim Consolidated Financial Operating Results for the three and nine months ended September 30, 2012. All amounts are expressed in thousands USD.
The Company is reporting a net loss of $942 and $3,120 for the quarter and nine months ended September 30, 2012, respectively, compared to a net loss of $301 and $1,442 in the prior year's periods. Revenues for the quarter and nine months ended were $858 and $2,597, respectively, compared to revenues of $1,245 and $3,412 in the prior year's periods. Sales and profit decline is attributable to the inability of the Company to procure an adequate supply of product as well as lower average selling prices for certain products.
Highlights for 2012:
- Launched development of Dual-Band with Muliple Antenna (MIMO) advanced technology with target production release scheduled for the second half of 2013
- Commenced shipment of samples of W2CBW0015, the world's smallest industrial-temperature WiFi &WiFi-Bluetooth SiPs- production release scheduled for the end of the first quarter 2013
- Expanded America's sales team and network of manufacturer's sales representatives
- Plan of Arrangement approved by shareholders of Wi2Wi and ISE. See the JMIC, which is available on SEDAR
The Unaudited Financial Statements and MD&A are available on SEDAR (www.sedar.com).
About Wi2Wi (YTY):
Wi2Wi is the leading supplier to the premium markets of Wireless System-in-Package (SIP), module, and subsystems for embedded applications including WiFi, Bluetooth, and GPS. Wi2Wi is a leader in wireless solutions for Industrial, Smart-Metering, Smart Home, Government, business-class handhelds (including MIDs), Premium Consumer, and Education (including eBooks) applications. Headquartered in San Jose, California, Wi2Wi provides leading-edge wireless solution for embedded applications with substantial savings on time-to-market, cost, and system-integration. Wi2Wi solutions also leverage its patent-pending wireless integration technology along with tier-1 global partnerships with industry leading silicon and supply chain companies.
Forward-Looking Statements: This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with the ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, reliance on industry partners, reliance on third party distributors and sales representatives, protection of intellectual property and proprietary rights, reliance on information technology systems, length of sales cycle, potential defects in products, changes in laws, increased competition, lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rate and stock market volatility. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances 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 the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
This news release contains "forward-looking statements" within the meaning of applicable securities laws relating to, among other things, certain anticipated financial results, anticipated market growth and potential corporate developments of the Company.. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in Wi2Wi's business, general business, economic and competitive uncertainties.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release is not for dissemination in the United States or to U.S. persons.