AIRESURF NETWORKS HOLDINGS INC.
121 Richmond Street West, Suite 501
Toronto, Ontario M5H 2K1
Tel: (416) 368-9411
Fax: (416) 861-0749
PRESS RELEASE FOR IMMEDIATE RELEASE
Canadian Trading and Quotation System Inc.
June 23, 2005, Toronto, Ontario
Symbol: AIRE
Shares Outstanding:
23,341,328
PRESS RELEASE
Aurora, Canada, AireSurf Networks Holdings Inc. (CNQ: AIRE) is pleased to provide an update on the status of the Company.
AireSurf Networks Holdings Inc., formerly Multilink Technology Inc., completed a reverse takeover transaction in October 2003. AireSurf Networks Inc., a 100% owned subsidiary is the operating company with manufacturing and exclusive North American distribution agreements with ATS Advanced Technology Suppliers Inc. (“ATS”) of Mississauga, Ontario and a manufacturing agreement with Fox Electronic Technologies Ltd. of Holland Landing, Ontario.
During the past 18 months, AireSurf has raised $1,092,699 in 2 private placements, of which $117,500 has been raised under the 2 nd private placement. The funds have been used to fund the operations and provide the initial deposit to secure 1,000 units of the AireBoost from ATS. The initial units have yet to be delivered to AireSurf. AireSurf is evaluating the appropriate options to ensure that ATS meets its obligations under the distribution agreement.
As a result of the delay in delivery AireSurf has secured a manufacturing agreement with Fox Electronic Technologies Ltd. to manufacture the AireSurf IP product. This process has commenced and is completion is expected to be within 18 weeks, subject to earlier delivery if possible. At this time, AireSurf expects to begin full manufacturing of the AireSurf IP product.
There are 8 prototypes that are deployed in North America. These prototypes are in beta test sites, currently undergoing an evaluation by our channel partners. One of AireSurf’s channel partners, Paragon Data Systems, Inc. located in Cleveland, Ohio has taken 6 of these prototypes and is beta testing them at the following sites:
- Hotel Chains in the Cities of Cleveland and New York
- a Park in the City of Cleveland
- a Property Management in the City of Pittsburgh
- Channel partner in the City of Cleveland
Paragon Data Systems, Inc. has also expressed interest in acquiring the AireSurf IP product once they are available and has provided AireSurf with opportunities to bid on several proposals including the following:
- a Hazardous Waste Management Facility
- a University Campus
- an Amusement Park
The following is a summary of AireSurf’s consolidated balance sheet as of March 31, 2004:
Bank |
$ 7,820 |
Deposit |
$ 648,401 |
Current & Long Term Debt |
$ 720,147 |
Note: (excerpts of the Balance Sheet as of March 31, 2004)
Deposit includes Fox Electronic Technologies Ltd. and ATS Advanced Technology Suppliers Inc.
Current & Long Term Debt includes trade payables, convertible notes of $99,391; debt owing to present, past employees, & management of $431,346; and expenses incurred related to the RTO & the raising of funds in the amount of $157,573.
For further information, contact: Mr. Paul Brent, President at (416) 368-9411.