Unity Wireless Corp., a developer of wireless systems and coverage-enhancement solutions, announced that it has completed a US $2.2 million three-year debt financing by institutional investors. Unity Wireless plans to use the proceeds from the transaction for general corporate purposes.
Unity Wireless issued US $2.2 million of 8 percent secured convertible debentures due February 28, 2009. The debentures are convertible into common stock at $0.16 per share. Unity Wireless also issued to the investors warrants to purchase an aggregate of 6,875,000 common shares at an exercise price of $0.16 per share. Additional information on the financing is contained in an 8-K report that Unity Wireless is filing with the SEC at www.sec.gov.
Ilan Kenig, president and CEO of Unity Wireless, commented, "We think that with the financing complete, we are well positioned to execute our growth strategy. Taking into account expected synergies from our proposed Avantry acquisition, we think that revenues in 2006 for the combined companies could be more than twice our revenues in 2005. This would underscore to the investor community that Unity Wireless is a serious contender in the wireless infrastructure market."
"We are pleased with the company's developments since we and our institutional investors made our initial investments, commented David Fuchs, senior managing director of Cambria Capital, an NASD registered broker dealer that served as placement agent for the financing. "We are very confident in the business model and growth prospects for Unity Wireless, and believe that the company is well positioned in the wireless infrastructure market."
 | |
| |
 | |
|