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Wed, October 19, 2011
October 19, 2011 09:25 ET
KIK Polymers Acquires Edgewater Wireless
CALGARY, ALBERTA--(Marketwire - Oct. 19, 2011) - KIK Polymers Inc. (TSX VENTURE:KPI.H) ("KIK") wishes to announce, that subject to final regulatory approval, it has completed its previously announced reverse takeover ("RTO") by acquiring all of the issued and outstanding common shares of Edgewater Wireless Systems, Inc. ("Edgewater Wireless"), a wholly-owned subsidiary of Edgewater Computer Systems Inc. ("Edgewater") incorporated under the laws of Canada. On completion, KIK will issue to Edgewater Computer Systems Inc. ("Edgewater") 35,000,000 KIK common shares at a deemed price of $0.25 ($8,750,000 in total consideration) and assume $375,000 in debt owing by Edgewater Wireless to its parent Edgewater (the "Transaction").
New Management
Upon completion of the RTO the following individuals joined the Company:
| Duane Anderson, Ottawa, Ontario | Director | Duane Anderson is the controlling shareholder (92% of the issued and outstanding shares) and President of Edgewater Computer Systems, Inc., and founded Edgewater Computer Systems, Inc. in 1988 with the goal of developing theoretically correct real-time computer systems based on open system standards. He provides research and development consulting services to organizations, including the Canadian Department of National Defence, the U.S. Air Force and the U.S. Navy, that require assistance to produce high-performance multi-processor systems. Mr. Anderson has driven Edgewater's expansion to offer products in addition to services. He is at the forefront of the company's development of wireless and wired communications and networking products and of a new release of the 1553 military standard for data bus technology in military avionics. |
| Previously, Mr. Anderson spent several years as a senior engineer and project engineer with a major manufacturer of VMEbus-based military computers. He also has experience as a principal designer of high-speed VLSI Tech test equipment. Additionally, he has worked in the research and development of microprocessor-based oilfield instrumentation, and as a developer of power-system instrumentation technologies. Mr. Anderson has a BSc in electrical engineering from the University of Saskatchewan. He has been an active participant in real-time computer systems research and in high-performance interface standard developments by organizations such as the institute of Electrical and Electronics Engineers (IEEE). | ||
| Greg Fielding, Ottawa, Ontario | Director & CEO | With over 20 years experience and a deep understanding of RF and ASIC (application specific integrated circuits), Greg is a senior technology executive responsible for marketing and business development for Edgewater's business units. |
| Prior to joining Edgewater, Greg spent 17 years with Texas Instruments (TI), the international leader in the development of RF, analog and digital integrated circuits. While at TI, Greg led the networking and telecommunications ASIC design centre in Ottawa, Canada and helped spearhead the acquisition of new business. Recruited from TI, Greg joined the leadership team at wireless pioneer, Engim, where he ran the Canadian operations and led RF design team while expanding the business development activities in the Asia Pacific region. Greg's team successfully developed state of the art 2.5 GHz and 5 GHz wideband transceivers and secured design wins at multiple ODMs in the Asia Pacific region. Greg holds a B.A. Sc. in Electrical Engineering from the University of Ottawa. | ||
| Andrew Skafel, Ottawa, Ontario | President | Prior to joining Edgewater, Andrew co-founded an innovative GSM operator in Brazil, taking the project from concept to operation. Andrew built his career while based in Asia and South America (Brazil) where he worked for major telecom players such as Newbridge Networks, Alcatel and Silicon Valley based interWAVE Communications, and in Canada, where he joined the management team of Natural Convergence (acquired by Broadview Networks). |
| Andrew holds an MBA in finance from INSEEC (Paris), a post graduate diploma in Asia Pacific Management from the McRae Institute at Capilano University (Vancouver) and a BA in Economics & Politics from the University of Western Ontario (London). | ||
| Brian Kronick Kanata, Ontario | CFO | Brian was the CFO of Spotwave Wireless of Kanata, Ontario from 2000 to 2007, and then held the same position with CFO4 Results Inc until now. Brian is a CMA and holds a B. Comm. degree from Carlton University. |
Anastase Maragos and Lew Dillman will remain on the Board of Directors. Details of the background of each of the continuing directors can be found on [ www.sedar.com ] in news releases filed on March 30, 2011 and April 29, 2011.
Edgewater Wireless
Now a wholly owned subsidiary of KIK, Edgewater Wireless Systems, Inc. develops and commercializes leading edge technologies and intellectual property for the communications market. Backed by an extensive patent portfolio, the flagship EAP3000 product family leverages an internally developed, high-performance multi-channel, WiFi standards compliant radio chipset that targets the rapidly growing demand for data communications capacity. With a customer base that includes some of the world's largest telcos and enterprises, Edgewater Wireless' EAP3000 product family uniquely delivers significantly greater bandwidth density, advanced network visibility, improved security, and network reliability required to meet the demands generated by the explosive growth in data communications occurring around the world. Drawing from top industry professionals, Edgewater Wireless is managed by an experienced team with extensive commercialization and development expertise in advanced wireless, communications and semiconductor solutions.
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. Although KIK believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because KIK can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause KIK's actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to access to capital markets, market forces, competition from new and existing companies and regulatory conditions. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. KIK undertakes no obligation to update publicly or revise any forward looking information, whether as a result of new information, future events or otherwise, except as required by law.
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