Infowave Software, Inc. (TSE: IW), a global provider of wireless software for the enterprise and network operator markets, announced that it has received a $7.3 million investment from Technology Partnerships Canada (TPC) to support innovative research and development in wireless networking. This investment is part of a $26.5 million project by Infowave to develop a software platform for secure wireless networking through mobile devices.
"In today's fast paced business world, the difference between success and failure could be measured in minutes," said Jerry Meerkatz, Chief Executive Officer of Infowave. "Thanks to this partnership with TPC, which will support Infowave's continued development of world-class wireless data solutions, workers will be able to stay connected with their enterprise systems and be able to collaborate with their colleagues, partners, and customers."
This investment will allow Infowave to accelerate its research and development program to create a leading-edge mobility platform and applications extending the technology base developed by the company over the past 10 years. Infowave's technology will allow users to collaborate and interact with a wide range of information systems using devices ranging from laptops to mobile phones. It will provide a more secure and reliable connection to internal networks while improving flexibility for users and network administrators alike.
"Wireless data services for the enterprise and wireless carriers are expected to move from pilots to full-scale deployments in 2004 and beyond," said David Hayden of Mobile Week. "This partnership between TPC and Infowave will allow the company to build leading-edge solutions and take advantage of future growth in this industry."
This investment will be provided to Infowave over time and is based on a contribution equal to 27.5% of eligible costs. Infowave has agreed to pay a royalty on gross sales and, subject to regulatory approval, will issue to TPC $2 million worth of five-year common share purchase warrants on or after October 1, 2005 with an exercise price equal to the then current value of the common shares.
About Infowave Software
Infowave (TSE: IW) builds innovative wireless business solutions for mobile operators, corporations and individuals that connect people to the critical information they need to be more productive and competitive. The Infowave Symmetry suite of wireless e-mail solutions enable mobile users to instantly access to their corporate and personal e-mail on a variety of Pocket PC, Smartphone or Palm integrated devices. For mobile operators, Infowave offers the Symmetry Mobile Application Gateway - a wireless services platform that provides mobile operators with the opportunity to capitalize on offering wireless data access to their subscribers. The Infowave Wireless Business Engine provides companies with a single wireless software platform for fast, secure and reliable wireless access to e-mail, the Internet, corporate intranets and client-server applications. For more information, please visit www.infowave.com.
Forward-Looking Statement
This press release contains statements that constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include a number of risks, uncertainties and other factors, such as the need to develop, integrate and deploy applications to meet our customer's requirements, the possibility of development or deployment difficulties or delays, the dependence on our customer's satisfaction with Infowave’s software, its continued commitment to the deployment of the solution, the risks involved in developing software solutions and integrating them with third-party software and services and the other risks and uncertainties described in our Form 10-K filed with the United States Securities and Exchange Commission. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
George Reznik
Chief Financial Officer
604.473.3604
greznik@infowave.com
