|Times Three Wireless Inc. Provides Corporate Update|
CALGARY, ALBERTA--(Marketwire - July 5, 2012) - Times Three Wireless Inc. (TSX VENTURE:TTW) (the "Company" or "Times Three") provides the following corporate update:
Current Business Overview
Times Three is an intellectual property company that designs, develops and deploys proprietary technology that enables wireless location and data services. Our core competencies include digital hardware and software design, signal processing, firmware development and project management of wireless data installations. Times Three deployed its technology in a commercial network in 2005 in São Paulo, Brazil and has been successfully operating various applications in that market since that time. The Company expects its existing Brazilian business to facilitate entrances into other Brazilian and South American markets.
Times Three's proprietary narrow band location and telemetry technology has the following attributes:
The stability of the Company's proprietary technology is an important advantage over competing technologies. Our technology provides stable communications protocols required for environments with long life requirements, such as utility meters. In addition, control of the technology roadmap allows generational changes that are backward compatible without the need for expensive hardware changes.
Times Three has continued the development of its telemetry application in conjunction with a pilot project currently being conducted with one of the largest utilities in South America. It is anticipated that this telemetry pilot project will continue into the third quarter of 2012.
The Company is currently expanding the development of its proprietary technology for market specific wireless sensor networks designed for deployment into medium bit rate, medium range, medium capacity applications such as remote data collection systems and seismic data acquisition. Times Three is currently in discussions with several potential strategic partners regarding potential financing or joint venture support for this development activity.
X3 Tecnologia Update
Times Three's technology is currently being deployed in Brazil by its licensee, X3 Tecnologia Telecomunicações e Equipamentos Ltda. ("X3"). As previously disclosed, X3 is delinquent on certain payment obligations owing to Times Three. The companies have continued to work together to restructure the outstanding amounts owing to Times Three. As part of this restructuring, X3 has agreed to make monthly payments in partial payment of amounts due. Further, X3 has agreed to restructure the existing licensing agreement to extend the term of the agreement beyond the existing term which expires in 2013.
Business Development Update
Times Three is actively discussing strategic business development and investment opportunities with several third party entities. These discussions have identified several potential relationships which are being actively pursued by the Company.
Board of Directors
Times Three announces that Dick Tchairdjian and Michel Fattouche have resigned from the Board to pursue other business opportunities. The Company would like to thank them for their contributions and wishes them well in their future endeavors. Dr. Fattouche is expected to continue to provide limited consulting services to Times Three, as required by the Company.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS:
Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target" and similar words suggesting future events or future performance. In particular, this news release contains, without limitation, forward-looking statements pertaining to the following: expectations of regarding future payments by X3 and amendments to the Company's licensing arrangements with X3, the consulting role of Dr. Fattouche with the Company, the timing of the Company's telemetry pilot project, discussions with third parties regarding strategic business development activities and the potential benefits of the Company's technology for users thereof.
With respect to forward-looking statements contained in this news release, Times Three has made assumptions regarding, among other things: X3's compliance with the terms of its business agreement with Times Three; the ability of users to realize on the anticipated benefits of the Company's technologies and Times Three's ability to continue the work with its partners on its pilot projects. Although Times Three believes that the expectations reflected in the forward looking statements contained in this news release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this news release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause Times Three's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the following: that the Company may not come to terms with X3 on future licensing arrangement; X3 may continue in to be in default of its contractual commitments; the Company's pilot project may be terminated earlier than expected; the general economic conditions in Canada, Brazil and globally; and the other factors described in Times Three's public filings available in Canada at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking statements contained in this news release speak only as of the date of this news release. Except as expressly required by applicable securities laws, Times Three does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.