|By Business Wire||
|August 13, 2013 08:20 AM EDT||
Wi2Wi Corporation ("Wi2Wi" or the "Company") (TSX-V: YTY) is pleased to announce that a leading global fleet management company with dominant presence at all major airports worldwide is in full production with Wi2Wi’s WiFi-Bluetooth product. Wi2Wi has shipped over 120,000 units to-date for the North American and European fleets of this Marquee customer. The expected initial phase over the next few years is up to approximately 500,000 units for their cars, with an upside potential of a total of up to one million units for the existing fleets worldwide. Wi2Wi products are embedded as part of an in-dash communications equipment and in-car technology. In addition, it is expected that recurring annual revenue will continue as a consequence of new car purchases both for growing the fleet as well as replacing older cars in the fleet.
Chief Executive Officer Dr. Reza Ahy stated that, “WiFi and Bluetooth will be the main means of in-car networking communications and infotainment, combined with mobile wireless such as 3G & 4G connecting the car to the network. This constitutes a multi-billion dollar opportunity for in-car technologies. Wi2Wi is pleased to be serving our Marquee customer who is a visionary leader in the fleet management and who leverages innovations and technology to set the pace for their industry’s major new trends. WiFi deployment in their fleet initially for in-car technology, is also aligned with the major trends in the auto industry globally and IEEE emerging standards for not only in-car networking but also the emerging real-time vehicle-to-infrastructure and vehicle-to-vehicle communications including intelligent highway transportation systems. Wi2Wi’s industrial-class product portfolio is well-matched to the requirements of these rapidly growing Auto Industry needs.”
Wi2Wi Chairman Dr. Hans Black stated, “Wi2Wi’s leadership has a clear vision and understanding of major global technology, markets, and applications trends. It is gratifying to see Wi2Wi’s products implemented by an industry leader who is well-known for its quality and business-class offerings worldwide. Wi2Wi is on track to further grow its business with this Marquee customer and the auto industry. I congratulate the Wi2Wi team on this design-win, which is now in full production and serving a world-class customer.”
In-car WiFi systems are expected to increase significantly by 2017, as automakers increasingly view wireless connectivity as a key competitive differentiator, according to iSuppli Corp. Worldwide automotive annual shipments of WiFi systems is expected to rise to 7.2 million units in 2017. WiFi is also expected to be an increasingly more significant part of the multi-Billion dollar Telematics market connecting the car to the infrastructure. The global Telematics market is expected to grow to over $18 Billion by 2017 according to iSuppli Corp. Wi2Wi expects a significant percentage of WiFi & WiFi-Bluetooth for these markets to be in system-in-a-package (SiP) form factor as offered by Wi2Wi.
Wi2Wi is a leader in industrial-class WiFi, WiFi-Bluetooth and GPS system-in-a-package (SiPs). Wi2Wi focuses on industrial (including Automotive), medical, infrastructure (including smart-home/smart building) and government markets worldwide. Wi2Wi’s products and value-added services provide highly integrated, multifunctional wireless sub systems as complete wireless connectivity solutions for the Machine-to-Machine (M2M) and portable device applications globally.
For further information, please contact:
Dr. Reza Ahy
Chief Executive Officer
(408) - 416-4200
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 from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, reliance on industry partners, reliance on third party distributors and sales representatives ,protection of intellectual property and proprietary rights, reliance on information technology systems ,length of sales cycle, potential defects in products, changes in laws, increased competition, lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rate and 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 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).
This news release contains “forward-looking statements” within the meaning of applicable securities laws relating to, among other things, certain anticipated financial results, anticipated market growth and potential corporate developments of the Company. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in Wi2Wi’s business, general business, economic and competitive uncertainties.
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.
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