Bridgewater Systems Corporation Closes Initial Public Offering



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    OTTAWA, Dec. 14 /CNW/ - Bridgewater Systems Corporation ("Bridgewater
Systems") (TSX: BWC) announced today that its initial public offering of
6,363,636 Common Shares, at a price of $5.50 per share, has closed. Shares
will commence trading on the Toronto Stock Exchange today. The initial public
offering and secondary offering will result in aggregate gross proceeds of $20
million to Bridgewater Systems and $15 million to the selling shareholders.
    This offering was underwritten by a syndicate of underwriters led by CIBC
World Markets Inc. and Genuity Capital Markets and including GMP Securities
L.P., RBC Dominion Securities Inc. and TD Securities Inc.
    "This represents an exciting milestone for Bridgewater," commented Ed
Ogonek, president and CEO, Bridgewater Systems. "It is a testament to the
dedication of our employees, our strong relationships with our customers and
partners, and robust demand for our solutions in the market over the past ten
years. We look forward to continued growth and momentum, both as a public
company and a leading provider of essential policy management solutions for
service providers."

    About Bridgewater Systems Corporation

    Bridgewater Systems Corporation, based in Ottawa, Ontario, is a leading
provider of high performance, real-time software solutions that enable service
providers to dynamically control how subscribers access networks, content and
applications. Our products centralize, store and manage critical information
that defines service entitlements, preferences and billing profiles for
subscribers, ensure quality of service, and manage bandwidth utilization.
Service providers adopt our solutions to rapidly deploy content and
applications, increase the number of subscriber transactions that their
networks can support, and improve revenue assurance. Our solutions enable
service providers to increase average revenue per user, decrease "subscriber
churn" and lower operating costs.
    This press release is not an offer to sell or a solicitation of an offer
to buy securities. The Common Shares of Bridgewater Systems Corporation have
not been and will not be registered under the United States Securities Act of
1933, as amended, and may not be offered or sold in the United States absent
registration or an exemption from registration.

    Forward-Looking Statements

    This release includes certain "forward-looking statements". Readers are
cautioned not to place undue reliance upon any such forward-looking
statements. Forward-looking statements are based on our current expectations
and assumptions that are subject to a variety of risks and uncertainties that
are difficult to predict and that may be beyond our control. Actual results
could differ materially from those expressed in any forward-looking statements
due to factors including the following: competitive conditions, our quarterly
results, our ability to manage our growth, new technology and industry
standards, and general economic, market, technology or business conditions.
Additional risks which can also impact upon forward-looking statements are
identified in our final prospectus which is available online at www.sedar.com.
We assume no obligation to update these forward-looking statements as a result
of new information or future events.





For further information:

For further information: Tyler Nelson, Vice President, Business
Development & Marketing, (613) 591-6655, tyler.nelson@bridgewatersystems.com;
Kim Butler, CFO, Vice President Finance, Finance, (613) 591-6655,
kim.butler@bridgewatersystems.com

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BRIDGEWATER SYSTEMS

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