Acquisition Increases Breadth of Redline's Technology and Patent Portfolio
TORONTO, Sept. 9, 2014 /CNW/ - Redline Communications (www.rdlcom.com) Group Inc. (TSX: RDL), a leading provider of mission-critical wireless networks today announced that it has signed a definitive agreement to acquire the assets of PureWave Networks, a privately held wireless technology company located in Santa Clara, California, for a cash purchase price of $2 million.
The acquisition of PureWave's technology assets will enable Redline to accelerate the expansion of its suite of high performance rugged network solutions to include LTE-based capabilities. LTE is one of several standards for wireless data communications.
"Redline currently provides mission-critical networks that operate in a wide range of wireless frequencies. LTE had been on Redline's technology development roadmap and we expect that the PureWave technology will accelerate the development of LTE-based capabilities for our networks," said Rob Williams, Redline CEO.
Redline specializes in rugged, secure wireless networks that transport a wide range of applications and services, from M2M data to video and voice-over-IP (VOIP). Its networks operate over wide areas, often under harsh conditions. As such, Redline has built its reputation around networks that are exceptionally powerful, reliable and secure. PureWave's research and development has been focused on the development of rugged LTE-based technology, ideal for networks that are deployed in remote areas.
"Redline is committed to delivering the best wireless network solution for each application and market," added Williams. "We see applications for Redline networks with LTE capabilities in several markets, including oil and gas where we will be able to offer LTE access for workers operating at rig sites and facilities, public safety where LTE spectrum has been set aside to create private networks, and for telecom service providers in emerging countries who have access to LTE spectrum and want to deliver premium wireless service to business customers. Having LTE capabilities will allow us to reach new customers in new and existing markets."
Redline will be acquiring all of PureWave's assets, including their technology IP and patents. Redline is also extending offers of employment to a number of PureWave employees to support the ongoing development of Redline's network solutions. These new employees will be integrated into Redline Innovations Group, a US-based subsidiary of Redline Communications Group Inc.
The acquisition is subject to various standard closing conditions.
About Redline Communications
Redline Communications (www.rdlcom.com) is the creator of powerful wide-area wireless networks for the most challenging applications and locations. Used by oil and gas companies to manage their assets, militaries for secure battlefield communications, municipalities to remotely monitor highways, utilities and other infrastructures, and telecom service providers to deliver premium services, Redline's powerful and versatile networks reliably and securely deliver voice, data, M2M and video communications for mission-critical applications.
Forward Looking Statements
Certain statements in this release may constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws. In some cases, forward-looking statements can be identified by terms such as "could", "expect", "may", "will", "anticipate", "believe", "intend", "estimate", "plan", "potential", "project" or other expressions concerning matters that are not historical facts. Readers are cautioned not to place undue reliance upon any such forward-looking statements.
Such forward-looking statements are not promises or guarantees of future performance and involve both known and unknown risks and uncertainties that may cause the actual results, performance, achievements or developments of Redline to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements. Forward-looking statements, by their nature, are based on certain assumptions regarding expected growth, management's current plans, estimates, projections, beliefs, opinions and business prospects and opportunities (collectively, the "Assumptions"). While the Company considers these Assumptions to be reasonable, based on the information currently available, they may prove to be incorrect.
SOURCE: Redline Communications Group Inc.
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