OTTAWA, Ontario--(BUSINESS WIRE)-- Edgewater Wireless Systems Inc. (TSX-V: YFI)(OTC: KPIFF) (the “Company” or “Edgewater Wireless”) announces that it has settled its obligation to pay an aggregate of $18,047.12 in interest as of June 1, 2024 and $18,047.12 in interest as of September 1, 2024 to the holders of its unsecured debentures issued September 1, 2022 (the “Debentures”) through the issuance of an aggregate of 360,936 and 360,936 common shares of the Company at a deemed price of $0.05 per share (the “Shares”). The Shares are issued in full satisfaction of the June 1, 2024, and September 1, 2024, interest payment obligation in accordance with the terms of the Debentures. The debt settlement has been approved by the TSX Venture Exchange.

Certain directors of the Company received an aggregate of 139,130 Shares and therefore the share issuance constitutes a “related party transaction” as that term is defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company will rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the Shares nor the debt exceeds 25% of the Company’s market capitalization.

About Edgewater Wireless

We make Wi-Fi. Better.

Edgewater Wireless (edgewaterwireless.com) is the industry leader in innovative Spectrum Slicing technology for residential and commercial markets. We develop advanced Wi-Fi silicon solutions, Access Points, and IP licensing designed to meet the high-density and high quality-of-service needs of service providers and their customers. With 26 granted patents, Edgewater’s In-band Multi-Channel Wi-Fi technology revolutionizes Wi-Fi, delivering next-generation Wi-Fi today.

Edgewater’s physical layer Spectrum Slicing allows a frequency band to be divided or sliced to enable more radios to operate in a given area. Think of Spectrum Slicing like moving from a single-lane road to a multi-lane highway — regardless of Wi-Fi technology. The recently completed Proof of Concept (PoC) with a major Tier 1 Service Provider showed 7 to 18 times performance gains in 75% of homes surveyed. Interestingly, homes with the most devices saw the greatest improvements.

For more information, visit edgewaterwireless.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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