OTTAWA, Ontario – (COMMERCIAL THREAD) – Edgewater Wireless Systems Inc. (TSX.V: YFI) (OTC Pink: KPIFF), the industry leader in Wi-Fi Spectrum Slicing technology for the residential and business markets, is pleased to report its financial results for the first quarter ending July 31, 2021, which are available on SEDAR (www.sedar.com). The end of the Company’s financial year is April 30.
“Edgewater Wireless continues to focus on adding new candidates to the Level 1 proof of concept, advancing our new commercial pilot and further expanding our silicon partnership and alliance initiatives. We are delighted to have recently announced our partnership with CMC Microsystems to accelerate the commercialization of Edgewater’s Spectrum Slicing silicon solutions for IoT applications. Edgewater has generated considerable interest from inbound service providers and large enterprises and is experiencing strong momentum. We are pleased with our progress and look forward to building on this momentum, ”said Andrew Skafel, CEO of Edgewater Wireless.
Highlights of the first fiscal quarter ended July 31, 2021:
Edgewater Wireless is a pre-revenue development stage company.
During the quarter ended July 31, 2021, the Company recorded a net loss of $ 286,445, compared to a net loss of $ 181,911 incurred during the quarter ended July 31, 2020.
Selling and marketing expenses decreased by $ 32,384 to $ 36,951 in the first quarter of fiscal 2022, compared to $ 69,335 in the first quarter of fiscal 2021.
General and administrative expenses increased by $ 83,911 to reach $ 204,932 in the first quarter of fiscal 2022, compared to $ 121,021 in the first quarter of fiscal 2021. The increase is mainly due to the increase in activity during the quarter due to equity capital raised compared to the same period of the previous fiscal year.
Product development expenses of $ 23,250 reflect a resumption of research and development at our Churchill location in Ottawa, Canada.
Cash and short-term investments as at July 31, 2021 were $ 1,053,925.
Events subsequent to the first quarter of the fiscal year ended July 31, 2021:
September 20, 2021: CMC and Edgewater Wireless Accelerate Time-To-Market of Revolutionary Technology
Edgewater Wireless Inc. and CMC Microsystems, Manager of Canada’s National Design Network® (CNDN), announced a Memorandum of Understanding (MOU) for expanded technology sharing. Under the agreement, Edgewater will provide CMC with access to its spectrum slicer development kit for IoT devices for residential and industrial applications. CMC in turn will facilitate access to cutting-edge design environments (CAD), prototype services (FAB) and device validation equipment (LAB). CMC will also provide prefabrication support in the form of an independent design review and validation process using members of its pan-Canadian research network.
The company reiterates its strategic direction on the following growth initiatives:
- Extension of the proof of concept (PoC) pipeline: Management continues to focus on certain Tier 1 service providers who have shown a strong and genuine interest in participating in future validation and pilot testing.. The company plans to provide status updates to the market in the coming months on the progress of PoC engagements.
- Commercial pilot project: The management of Edgewater is work directly with the Tier 1 service provider to take Edgewater’s spectrum slicing product to extensive laboratory testing. The Tier 1 service provider had previously participated in the successful PoC, and Edgewater’s top priority is to move to the pilot phase or the physical test phase.
- Silicon partnerships and alliances: Edgewater management continues to focus on building alliances with several potential silicon partners to strengthen their drive to capture the volume market of Spectrum Slicing. The ultimate goal is to create an ecosystem of world-class silicon partnerships to continue to advance its strategic initiatives.
For more information, please visit SEDAR.ca.
About Edgewater Wireless
We do Wi-Fi. Better.
Edgewater Wireless (www.edgewaterwireless.com) is the industry leader in innovative spectrum slicing technology for the residential and commercial markets. We develop advanced silicon Wi-Fi, access points and IP licensing solutions designed to meet the high density and high quality of service needs of service providers and their customers. With over 24 patents, Edgewater’s Multi-Channel, Single Radio (MCSR) technology is revolutionizing Wi-Fi, delivering next-generation Wi-Fi today.
Edgewater Physical Layer Spectrum To slice allows a frequency band to be split, or cut, to allow more radios to operate in a given area. Think about Spectrum To slice like going from a single-lane road to a multi-lane highway, regardless of Wi-Fi technology. Recently completed proof of concept (PoC) with a major Tier 1 service provider showed performance gains 7 at 18 times higher in 75% of the households questioned. Interestingly, the homes with the most appliances saw the greatest improvements.
For more information, visit www.edgewaterwireless.com or www.aera.io.
This press 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”, “in progress”, “may”, “will”, “project”, ” should ”,“ believe ”,“ plans ”,“ intentions ”and similar expressions are intended to identify forward-looking information or statements. Although Edgewater Wireless believes that the expectations and assumptions upon which these forward-looking statements and information are based are reasonable, no undue reliance should be placed on forward-looking statements and information as Edgewater Wireless cannot guarantee that they will prove to be correct. . By their nature, this forward-looking information is subject to various risks and uncertainties, which could cause Edgewater Wireless’ actual results and experience to differ materially from anticipated results or expressed expectations. These risks and uncertainties include, but are not limited to, access to capital markets, market forces, competition from new and existing businesses and regulatory conditions. Readers are cautioned not to place undue reliance on any forward-looking information, which is given as of the date on which it is expressed in this press release or otherwise, and not to use any forward-looking information or financial outlook for others. purposes than the use for which they are intended. . Edgewater Wireless assumes no obligation to publicly update 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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