|By Marketwired .||
|July 14, 2014 11:47 AM EDT||
MISSISSAUGA, ONTARIO -- (Marketwired) -- 07/14/14 -- Editors Note: There is one photo associated with this press release.
DataWind Inc. ("DataWind" or the "Company") (TSX: DW), a leader in low-cost internet connectivity for emerging markets, was honored with initiating the siren to open trading at Toronto Stock Exchange (TSX) today. The event celebrated the Company's recent initial public offering, successfully completed on July 8th, raising gross proceeds of CAN$30.0 million to expand the implementation of its patented and proprietary technology across emerging markets.
Raja Singh Tuli, Co-Chairman and CTO, Suneet Singh Tuli, President and CEO, and other members of the DataWind management team joined Michael Kousaie, Head of Business Development, Technology, Toronto Stock Exchange and TSX Venture Exchange, to mark the occasion.
Suneet Singh Tuli, President and CEO, DataWind said, "It is an absolute delight for DataWind to be part of the market opening ceremony today." Commenting further on the recent financing, he stated, "Our IPO on the TSX represents a major milestone for DataWind and gives us the resources to implement the next stage of our vision to bring the internet to billions of unconnected people in the developing world. The internet impacts nearly every aspect of modern society and serves as a powerful economic stimulator. Yet, only a small percentage of individuals in developing countries have internet access."
Raja Singh Tuli, Co-Chairman and CTO, DataWind said, "The world suffers from an internet infrastructure deficit, however, we believe our patented cloud based web delivery technology can effectively leverage existing cellular telephony networks to deliver affordable internet to 93% of the world population. Our technology holds the potential to help bridge the digital divide - effectively and in the most affordable manner."
Following the successful debut of DataWind's range of low cost tablet computers and internet solution by the Secretary General of the United Nations, Mr Ban-Ki-Moon, the Canadian company is now on a mission to empower the digitally disenfranchised to join the internet age.
DataWind has been recognized by the MIT Technology Review in its 2014 list of the World's 50 Smartest Companies, as the Company is acknowledged for its ability to break the affordability barrier with tablet computers for the population at the base of the pyramid, while delivering internet access on existing networks.
DataWind is a leader in low-cost Internet connectivity for emerging markets. DataWind's mission is to bring the Internet, which has the ability to create tremendous social and economic benefits, to billions of unconnected people in the developing world. The Company's Internet Delivery Platform offers a low-cost Internet browsing solution by bundling an affordable tablet device with an inexpensive, pre-paid, 2G Internet service plan.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information includes information with respect to our goals, beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking information is identified by the use of terms and phrases such as "may," "would," "should," "could," "expect," "intend," "estimate," "anticipate," "plan," "foresee," "believe," and "continue," or the negative of these terms and similar terminology, including references to assumptions. Please note, however, that not all forward-looking information contains these terms and phrases. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond our control. These risks and uncertainties could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors identified in the Company's prospectus dated June 27, 2014, which is available on the SEDAR website at www.sedar.com. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and we do not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.
No securities regulatory authority has either approved or disapproved the contents of this press release.
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