Air-Q Wi-Fi Secures $2.5 Million Funding Agreement; $500,000 Immediate Cash Infusion to Support Hotspot ``Footprint'' Growth.Business Editors/High-Tech Writers BATON ROUGE Baton Rouge (băt`ən r  zh) [Fr.,=red stick], city (1990 pop. 219,531), state capital and seat of East Baton Rouge parish, SE La. , La.--(BUSINESS WIRE)--March 3, 2004 Air-Q Wi-Fi Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AQWF AQWF All Quiet on the Western Front (1930 film) ), a Wi-Fi (wireless fidelity See Wi-Fi. ) Internet access provider See ISP. (networking, company) Internet Access Provider - (IAP) A company or other origanisation which provides access to the Internet to businesses and/or consumers. , announced today that it had entered into a funding agreement Funding Agreement Illiquid insurance contracts that provide guaranteed principal repayment and interest payments for a predetermined period of time. Notes: Funding agreements are marketed to mutual fund companies and municipal reinvestments. with a private investor. Under the funding agreement, Air-Q sold units of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. and warrants for an immediate cash investment of $500,000. The warrants, if exercised, would provide $2 million in cash to Air-Q. Air-Q intends to file a Current Report on 8-K with respect to this transaction in the near future. About Air-Q Wi-Fi Corporation Air-Q Wi-Fi Corporation is a development-stage company that develops and operates wireless Internet access systems. Its first Wi-Fi Internet access system is located in Baton Rouge, LA, and its second Wi-Fi system is located in Phoenix, AZ. Air-Q's "Wi-Fi" (hotspot) Internet access system operates on a platform comprised of Wi-Fi standard equipment that has been configured in a proprietary manner. The term "Wi-Fi" (wireless fidelity) refers to an industry standard for wireless equipment that meets published 802.11(x) standards. Wi- Fi equipment operates in unlicensed spectra, such as 2.4 and 5.8 Ghz. Air-Q's business plan focuses on the marketing of its wireless Internet access services to businesses and residential customers, as well as to visitors to its markets with Wi-Fi compatible laptop computers and other wireless devices. Forward-Looking Statements Certain statements in these interviews and news releases may constitute "forward looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward looking statements involve risk, uncertainties, and other factors, which may cause the actual results, performance, or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements. Certain statements contained in the interviews are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements involve numerous risks and uncertainties, including, but not limited to, risks and uncertainties pertaining to development of Air-Q's products and services and markets for such products and services, the timing and level of customer orders, competitive products and service, changes in economic conditions and other risks and uncertainties. Although Air-Q believes the statements are reasonable, they can give no assurance that such expectations will prove correct. Air-Q caution that any forward-looking statements contained herein are not a guarantee of future performance and that actual results may differ materially. |
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