The Ottawa-based Wi-Fi technology provider, EdgeWater Wireless declared on Wednesday that it has raised $940,000 from the 1st round of a private placement agreement. The raised amount represents a step in the process, representing one third of their ultimate goal.
After raising this amount, President of Edgewater Wireless, Andrew Skafel said in an official release that “This investment is an integral part of our growth strategy as demand for Edgewater Wireless’ technology increases globally. This investment demonstrates a clear belief in the huge market opportunity for EdgeWater at a time when we are witnessing unprecedented growth and adoption of Wi-Fi technology around the world.”
The company will now use its investment to boost production for orders with reference to its recently declared $4.9 million sale in which the firm has to deliver WLAN and Wi-Fi coverage to quite a few central and western countries of Africa via World Affinity Telecom.
In the future, the Ottawa firm will continue to secure financing through private placements and will also continue to declare finance closings whenever they take place.
EdgeWater Wireless is a subsidiary of EdgeWater Computer Systems Inc., a defense & research development corporation. Its Wi-Fi technology provides broadband services in both indoor and outdoor scenarios. In addition to this, it also provides services in rural and remote areas of the country because the superior technology has extended their network coverage.
Edgewater Wireless went public last year. As result of that KIK Polymers Inc. took over the charge of this firm and in return gave away over $8 million.
Source: OBJ
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