Finline Signs Memorandum Of Understanding.Business Editors Finline Technologies Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:FIN) is pleased to announce the following updates related its high speed internet, telephony and digital broadcast wireless system Trilogy. Finline has entered into a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. with Dayang Nagakawa Motors Ltd ("DNML"), New Delhi New Delhi (dĕl`ē), city (1991 pop. 294,149), capital of India and of Delhi state, N central India, on the right bank of the Yamuna River. , India to form a Joint Venture for the purpose of marketing and deployment of Finline's wireless high speed internet, telephony and digital television system Trilogy in India and Nepal. Under the Agreement DNML will own 51% and Finline will own 49%. The formation of the Joint Venture will require Indian government approvals. Finline will provide expertise, system design, installation and commissioning, know how and technical support to facilitate the Joint Venture. DNML will provide initial working capital of approximately US $ 2,000,000.00 for the Joint Venture. In addition DNML will at an arms length, purchase approximately 1,441,130 common shares of the Corporation in a non brokered placement @ US $ 0.34695 for a total of US $ 500,000.00 The placement is subject to approval by the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. . Dayang Nagakawa Motors Ltd, is a company engaged in large scale manufacturing of motor vehicles, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. based with facilities in India. In other events, unfortunately due to personal reasons Mr. Ken Mitchell recently hired as President have left the Corporation. The Corporation will be seeking a new candidate. Following previous news the Company has now completed and shipped the orders for Trilogy systems Trilogy Systems was a computer systems company started in 1980. Originally called ACSYS , the company was founded by Gene Amdahl, his son Carl Amdahl and Clifford Madden. Flush with the success of his previous company, Amdahl Corporation, Gene Amdahl was able to raise $230 million purchased by Richardson Electronics Ltd (Brazil) and AfNet (Ivory Coast Ivory Coast: see Côte d'Ivoire. ) Both systems are expected to commence services shortly. Finline, a participant in the Team Canada trade mission to Russia and Germany announced the signing of certain contracts in Moscow. The contracts were conditional upon certification of the system (Trilogy). The company has now submitted the documentation required and is awaiting approval. Following the mission the Company has received further requests for its Trilogy system. The system, a point-to-multipoint solution which is a cost effective means to provide high speed internet access, digital television broadcast and telephony (Voice over ATM) requires little or no infrastructure. The Corporation is continuing the development of its Impress image compression technology. This has lead to an important discovery, its inherent capability to super-resolve images. This is particular important in military and security applications where unrecognizable images can be restored. Similarly this technology has shown itself to enhance high resolution video beyond that of traditional line doubling techniques. The company is now successfully demonstrating the new innovation and seeking interested parties for the new technology. Finline Technologies Ltd. is a designer and manufacturer of broadband wireless systems, focusing on MMDS (Multichannel Multipoint Distribution Service or Microwave Multipoint Distribution Service) A digital wireless transmission system that works in the 2.2-2.4 GHz range. "Wireless Cable" solutions for the provision of video, voice, and high-speed data services. Based in Waterloo, Ontario, Canada, Finline has successfully deployed its systems and components worldwide to operators in fourteen countries on five continents. The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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