Wi2Wi Corporation Announces Results for the Quarter Ending March 31, 2016

TORONTO, ONTARIO / ACCESSWIRE / May 30, 2016 / Wi2Wi Corporation (“Wi2Wi” or the “Company”) (TSX-V:YTY) announces results for the quarter ending March 31, 2016.

2016 Highlights

The decrease in revenues for the three month period ending March 31, 2016 as compared to same period in 2015 was due to:

• Shipment of a number of 2014 back-orders in the first quarter of 2015.
• The Company has not entered the low margin market for the wireless connectivity products which is well supported by the large manufacturers with capacity to manufacture in large volumes.
• The company decided to fully exit from extremely low margin business from Frequency Control Devices.
• Decrease in revenue from connectivity products of $1.5 million. A number of connectivity products had reached end of life. The Company had announced introduction of a number of new broader range of products.

Investment in R&D: The Company commenced a modest product development program. The current investment in R&D is anticipated to positively impact operations in late 2017. The Company has established a Design and Engineering (“D&E”) center in Hyderabad, India. Wi2Wi’s team at this D&E center will focus on developing wireless connectivity solutions addressing the exploding demand in IoT and M2M markets. The Company recently released a number of new products. A number of potential customers are in the process of evaluating the Company’s new products. However, the Company does not recognize a design win until the end customer certification process is complete. These products will take in excess of 18 months to yield revenue. Historically, life of connectivity products are in excess of 8 years, and in excess of 15 years for frequency control and timing devices. The Company is actively looking to raise capital to expedite the new product development for both Wireless connectivity devices and Frequency control devices.

“The Company is activity looking to raise capital. Lack of investment capital has restricted the Company’s growth. However, setting up the Hyderabad office will allow the Company to cost effectively develop new products. Company’s effort in 2016 will be focused on stabilizing the business, win back customer confidence and promote the new products that were announced recently and developing new products. These and other products currently in development will position the Company in the IoT market” said Mr. Zachariah Mathews, President & CEO of the Company.

For further information, please contact:
Zachariah Mathews
President and Chief Executive Officer
408 416 4202
zach@wi2wi.com

About Wi2Wi Corporation
Wi2Wi is a vertically-integrated technology company which designs, manufactures and markets high performance, low power wireless connectivity solutions, global navigation satellite system (GNSS) modules, and frequency control devices.  The Company’s products and services address numerous applications in the markets of Internet of Things (IoT), Machine to Machine (M2M), Avionics, Space, and Government Sponsored Projects.  Wi2Wi’s products and value-added services provide highly integrated, rugged, robust, and reliable multiprotocol wireless actuators with embedded software, along with customized timing and frequency control devices for customers, worldwide.  The Company was founded in 2005 and is strategically headquartered in San Jose, California with satellite offices in Middleton, Wisconsin and Hyderabad, India.  Wi2Wi’s manufacturing operations, its laboratory for reliability and quality control, together with design and engineering for timing and frequency control devices are located in Middleton, WI.  The branch office, located in Hyderabad, India, focuses on the development of wireless connectivity; both hardware and software.  Wi2Wi’s strategic objective is to service the unique needs of each customer by providing end to end wireless integration solutions and highly customizable timing and frequency control devices. Wi2Wi distinguishes itself from commodity grade products, with best in the market performance, highly reliable, low power wireless connectivity products with integrated software that supports broader temperature ranges and a longer product life cycle.  Furthermore, Wi2Wi’s end to end product solutions helps the customer substantially reduce their end product expense, certification cost, and overall R&D investment, in addition to substantially reducing the time to market. Wi2Wi has partnered with best in class global leaders in technology, manufacturing, and sales.  The Company uses a wide network of manufacturer’s representatives, worldwide, to promote its products and services, and has partnered with world class distributors for the fulfillment of orders along with direct sales.

Forward-Looking Statements:  This news release contains certain forward-looking statements, including management’s assessment of future plans and operations, and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control. Such risks and uncertainties include, without limitation, risks associated with the ability to access sufficient capital, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, stock market volatility. The Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).  Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.  All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Source: Wi2Wi Corporation

ReleaseID: 440533