African Nations Early Adopters of WiFi? Technology
OTTAWA, ONTARIO - October 9, 2013 - Edgewater Wireless Systems Inc., (YFI; TSX.V) a leader in next generation WiFi technology, is pleased to announce publication of its financial results for the fourth quarter and fiscal year ended April 30, 2013.
Fourth quarter revenues increased 18.4% over the previous quarter to $397.4 thousand. Revenues for the year were $762.3 thousand, which represented an increase of more than five times (5x) compared to results for the fifteen month fiscal period ended April 30, 2012. (The 2012 fiscal period was the first for the Company after the acquisition, in October 2011, of the intellectual property assets that are the foundation of its business.) Fourth quarter revenues were buoyed by the second major shipment of Edgewater's WiFi3 equipment to World Affinity Telecom and the addition of 3C NET, in Nigeria, as a customer.
Revenues in both the third and fourth quarters include services which accelerate the adoption and deployment of WiFi3 technology by Edgewater Wireless customers. Management anticipates that, as a percentage of revenue, services will decrease over time in favour of higher margin equipment revenues.
The information in this news release should be read in conjunction with the Company's audited consolidated financial statements for the 2013 fiscal year and associated management discussion and analysis ("MD&A") which are available under the Company's profile on SEDAR at www.sedar.com.
About Edgewater Wireless Systems Inc.: Edgewater Wireless develops and commercializes leading edge technologies and intellectual property for the communications market. Edgewater Wireless delivers advanced product solutions designed to meet the high-performance, high quality of service (QoS) and high-reliability needs of service providers and their customers. Leveraging over twenty (20) patents, Edgewater Wireless' WiFi3 is redefining WiFi technology with its wideband, multi-channel radio and high-capacity Access Point solutions. It is delivering next generation WiFi, today. For more information, please visit www.edgewaterwireless.com.
Contact Investor Relations:
Andrew Skafel Jason Shepard
President, Edgewater Wireless Phoenix Communications
+1 613 271 3710 +1 250 717 1910
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. Although Edgewater Wireless believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because Edgewater Wireless can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause Edgewater Wireless' actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to access to capital markets, market forces, competition from new and existing companies and regulatory conditions. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. Edgewater Wireless undertakes no obligation to update publicly or revise any forward looking information, whether as a result of new information, future events or otherwise, except as required by law.
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