Tranzeo Announces Increase to Bought Deal Equity Financing

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

PITT MEADOWS, BC, Dec. 10 /CNW/ - Tranzeo Wireless Technologies Inc. (TSX:TZT) ("Tranzeo" or the "Company") announces today that it has increased the size of the financing previously announced on December 10, 2009 by $1,000,000. A syndicate of underwriters led by Canaccord Financial Ltd. and including Dundee Securities Corp. (the "Underwriters") has now agreed to sell an aggregate of 6,000,000 common shares of the Company (the "Shares") at a price of $1.00 per Share for gross proceeds of $6,000,000 on a bought deal basis (the "Offering").

The Company has granted the Underwriters an over-allotment option to purchase an additional 900,000 Shares at $1.00 per Share, exercisable at any time up to 30 days from the closing of the Offering.

The Company will use the net proceeds of the Offering for general working capital purposes. The Shares to be issued under the Offering will be offered by way of short form prospectus in all provinces in Canada, other than Quebec, and in the United States on a private placement basis pursuant to an exemption from registration requirements of the United States Securities Act of 1933, as amended (the "1933 Act"), and such other jurisdictions as may be agreed upon by the Company and the Underwriters. The Offering is scheduled to close on December 30, 2009 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and other applicable securities regulatory authorities.

These securities have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States without registration or an applicable exemption from applicable registration requirements in the US. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Tranzeo and the Tranzeo logo are registered trademarks of Tranzeo Wireless Technologies Inc.

    
    The TSX does not accept any responsibility for the adequacy or accuracy
    of this press release.
    

Forward Looking Statements

This press release may contain forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, plans for the use of the net proceeds from the Offering. These statements reflect our current expectations and are subject to a number of risks and uncertainties, including, but not limited to, changes in our financial position or operations, changes in technology, and changes in the wireless data communications market.

SOURCE TRANZEO WIRELESS TECHNOLOGIES INC.

For further information: For further information: For additional details on Tranzeo, please visit www.tranzeo.com or contact Investor Relations: Matthew Johansen, Manager Investor Relations, (604) 460-6002, Toll-Free: 1-866-782-6936, Mjohnasen@tranzeo.com

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TRANZEO WIRELESS TECHNOLOGIES INC.

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