WaveRider Communications Inc. Acquires Avendo Wireless.Business Editors/High-Tech Writers
TORONTO--(BUSINESS WIRE)--July 2, 2003
Avendo's advanced technologies to be integrated with
WaveRider's non-line-of-sight products and drive
new product development
WaveRider Communications Inc. (OTCBB OTCBB
See OTC Bulletin Board (OTCBB). :WAVC WAVC Western Association of Venture Capitalists ), the leader in non-line-of-sight wireless broadband High-speed wireless transmission of data. What is "high" speed is always a changing number. Wireless systems are typically slower than land-based, wireline networks. In the past, wireless broadband started at 250 Kbps, whereas land-based broadband was generally considered to start at T1 technology and deployments, today announced a definitive agreement to acquire Avendo Wireless Inc. of Mississauga, Ontario For the First Nation, see .
Mississauga (pronounced: [ˌmɪsɪˈsɑgə] , Canada, a developer of new patent-pending advanced non-line-of-sight (NLOS NLOS Non-Line of Sight
NLOS No Line of Sight (satellite TV)
NLOS Near Line of Sight ) technologies.
The acquisition of Avendo provides WaveRider with new wireless technologies and an experienced research and development team to aid in expanding and enhancing WaveRider's non-line-of-sight wireless broadband products. The acquisition significantly strengthens WaveRider's financial position, with Avendo providing an estimated $1 million of cash upon closing.
Under the terms of the definitive agreement, WaveRider will purchase all of the outstanding debt and equity of Avendo for approximately 9 million shares of common stock and 3 million common stock purchase warrants of WaveRider.
"With Avendo's advanced NLOS technologies integrated in our product line-up, we can expand our current products' capabilities and introduce new products that will serve larger, more densely populated areas," said Jim Chinnick, Chairman, Technology Board, WaveRider Communications Inc. "When launched, we expect these new products will significantly increase our market."
"Avendo's technology is set for the next stage in its evolution. As a result of the merger, we will have access to WaveRider's broad experience in the wireless broadband market and its operating and marketing capabilities. This will help to ensure the successful commercialization of our patent-pending technology," said Herman R. Chang, President, Avendo Wireless Inc.
"As one of the few wireless broadband companies to sustain its growth during the recent downturn in the telecommunications and financial markets, WaveRider has proven it has the right technology and the right team in place to bring the Avendo technologies to market and continue to build its leadership position," said Kerri Golden, Vice President, Primaxis Technology Ventures Inc., Avendo's lead investor. Other investors include BDC (Backup Domain Controller) In a Windows NT server, a copy of the Primary Domain Controller (PDC). The BDC is periodically synchronized with the PDC. See PDC.
BDC - Backup Domain Controller Venture Capital, Venture Coaches and Temple Ridge Capital.
Avendo has developed key technologies that enhance the delivery of NLOS wireless broadband. Its patent-pending MIMO (Multiple Input/Multiple Output) Pronounced "my-mo," it is the use of multiple transmitters and receivers (multiple antennas) on wireless devices for improved performance. (multiple input/multiple output) smart antenna Smart antenna (also known as adaptive array antennas, multiple antennas and recently MIMO) refers to a system of antenna arrays with smart signal processing algorithms that are used to identify spatial signal signature such as the direction of arrival (DOA) of the signal, and use technologies and associated modulation techniques have the capability to increase the throughput speeds, capacity and range of WaveRider's Last Mile Solution(R) and NCL NCL Norwegian Cruise Line
NCL New Caledonia (ISO Country code)
NCL National Consumers League (Washington, DC)
NCL Neuronal Ceroid Lipofuscinosis (adult type) families of 900 MHz (MegaHertZ) One million cycles per second. It is used to measure the transmission speed of electronic devices, including channels, buses and the computer's internal clock. A one-megahertz clock (1 MHz) means some number of bits (16, 32, 64, etc. NLOS products, and will be integrated into future product releases.
"WaveRider's product engineering team has remained focused on developing NLOS technologies that lead the industry in features and performance," added Chinnick. "We believe that Avendo's MIMO smart antenna technology will enable us to continue to introduce new industry-leading products."
The world leader in fixed wireless Non-Line-of-Sight Technology
WaveRider's Last Mile Solution(R) (LMS) is the world's first fixed wireless broadband product to deliver true non-line-of-sight Internet connections in the license-exempt spectrum. WaveRider's LMS is distinguished in the non-line-of-sight category by its user-installed indoor antenna An Indoor antenna is a type of Radio or TV Antenna placed indoors, as opposed to being mounted on the roof. Indoor antennas are usually a simple and cheap solution that may work well when the receiver is relatively near to the broadcasting transmitter and the building walls do not , which enables broadband connections through buildings, tree canopies and other line-of-sight barriers.
WaveRider's NLOS system delivers up to 2.0 Mbps throughput at a range of up to two miles, in non-line-of-sight conditions, with WaveRider's indoor antennas. For installations using outdoor antennas, WaveRider's NLOS products delivers throughput speeds of 2.0 Mbps at a range of up to five miles, in non-line-of-sight conditions, and up to 25 miles (40 km) when there is a line-of-sight connection between the base station and subscriber antenna.
The Last Mile Solution(R) systems also include WaveRider's proprietary Dynamic Polling MAC and grade of service controls, which enable operators to easily manage their networks and deliver broadband services to hundreds of subscribers using a single base station unit.
WaveRider's LMS systems have been deployed by service providers in 45 U.S. states. WaveRider's customers have now made wireless broadband service accessible to hundreds of thousands of potential subscribers across the country.
About WaveRider Communications Inc.
WaveRider Communications Inc. (www.waverider.com) is a leading global provider of fixed wireless Internet access See how to access the Internet. products. WaveRider's Last Mile Solution(R) and NCL product families include license-exempt non-line-of-sight wireless systems that connect businesses and residential subscribers to the Internet. WaveRider is traded on the OTC Bulletin Board OTC Bulletin Board
An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. , under the symbol WAVC.
About Avendo Wireless Inc.
Avendo Wireless (www.avendowireless.com) is a privately-held technology developer located in Mississauga, Ontario, Canada. The company designs, develops and licenses advanced fixed broadband wireless See wireless broadband. technology to wireless equipment vendors. The company's technology significantly improves spectral efficiency Spectral efficiency or spectrum efficiency refers to the amount of information that can be transmitted over a given bandwidth in a specific digital communication system. , ability to operate in non line of sight environments and reliability to meet the needs of leading equipment vendors and their customers. Information on Avendo's investors is available on the Avendo website.
About Primaxis Technology Ventures Inc.
Primaxis (www.primaxis.com) is a Toronto-based early stage venture capital fund that invests in leading-edge opportunities in the physical and engineering sciences. Primaxis, founded in 1998 by RBC RBC red blood cell.
RBC or rbc
red blood cell
n See red blood cell count.
red blood cells; red blood (cell) count (see blood count). Technology Ventures and BTG BTG BIT (Built-In Test) Target Generator
BTG Bridging the Gap
BTG British Technology Group
BtG Betreuungsgesetz (Germany)
BTG Biomass Technology Group BV
BTG Begbies Traynor Group PLC, was created to increase the availability of seed capital in the Canadian marketplace.
Except for the historical statements made herein, this release contains forward-looking statements that involve risks and uncertainties including the risks associated with the effect of changing economic conditions, trends in the development of the Internet as a commercial medium, market acceptance risks, realizing expected revenue, technological development risks, and seasonality. Risk factors also include the company's ability to secure additional financing; the company's ability to commercialize its products; the company's ability to compete successfully in the future against existing or new competitors; the company's ability to protect its intellectual property and the assurance that the rights granted under patents or copyrights that may be issued will provide sufficient protection to its intellectual property rights; the company's success in enhancing existing products and developing new products to keep up with the technological advances in the data communications industry; the continued availability of the license-exempt spectrum which is based on regulation by U.S. and foreign governments; the company's ability to avoid significant product liability exposure; the company's dependence on a limited number of third party manufacturers; the company's ability to execute its business plan and generate an overall profit and other risk factors detailed in the Company's filings with the Securities and Exchange Commission, including the company's annual report on Form 10-K Form 10-K
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.
See 10-K. as amended. Due to these factors, actual results could differ materially from those expressed in forward-looking statements by the company.