VANCOUVER, Aug. 7 /CNW/ - MetroBridge Networks International Inc., a
premier high-speed wireless broadband provider for business in British
Columbia with operations in Arizona, is pleased to announce that it has
successfully completed the reverse take over of Huntingdon Capital Inc.
MetroBridge is also pleased to announce the closing of its previously
announced public offering of units at $0.60 per unit for total gross proceeds
of approximately $8.0 million. Each Unit consists of one common share and one
common share purchase warrant, exercisable for a period of 24 months at $0.65.
Dave King, President and CEO of MetroBridge said, "We are very pleased to
complete the significant milestone of having our company become publicly
traded and we look forward to building shareholder value through the execution
of our business plan. The proceeds of the offering will enable MetroBridge to
execute its growth strategy, which includes acquisitions and aggressive
organic growth in North American markets. We can expand rapidly because our
wireless deployment model is less expensive and quicker to deploy than
traditional broadband over wire-line and fiber."
The common shares and warrants of the Company will be listed on the TSX
Venture Exchange under the new trading symbol "MEB", and commenced trading on
July 30, 2007.
The public offering was effected through a syndicate of agents led by
Canaccord Capital Corporation and included Jennings Capital Inc. and
Wellington West Capital Inc. The Agents also have the option to purchase from
the Company up to an additional $1.2 million for a period of 30 days to cover
The units offered pursuant to the prospectus offering have not been and
will not be registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or the securities laws of any state of
the United States and these securities may not be offered or sold, directly or
indirectly, within the United States or to or for the account or benefit of a
U.S. person (as defined in Regulation S under the U.S. Securities Act) without
registration under the U.S. Securities Act and any applicable state securities
laws unless an exemption from registration is available. This news release is
not an offer to sell or the solicitation of an offer to buy the securities in
MetroBridge has issued a total of 515,000 incentive stock options to
various directors and employees, exercisable at $0.60.
About MetroBridge Networks International Inc.
MetroBridge, a leading international fixed wireless provider, delivers
broadband wireless access using pre-WiMAX and other advanced wireless
technologies. Its highly redundant mission critical network provides
connections up to 2500Mbps in Arizona and British Columbia. MetroBridge's
aggressive growth strategy includes acquisitions throughout North America and
additional complementary products and services. The company operates in all
market segments including police and 911 services, the financial industry,
retailers and businesses of all sizes. MetroBridge was the first Canadian
carrier selected to join the WiMAX Forum to assist the industry in
establishing equipment interoperability. Please visit the Company's website at
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
This press release contains certain forward-looking statements that
reflect the current views and/or expectations of MetroBridge Networks
International Inc. with respect to performance, business and future events.
Such statements are subject to a number of risks, uncertainties and
assumptions. Actual results and events may vary significantly from those
disclosed herein. Investors are cautioned not to rely on these forward-looking
statements. MetroBridge Networks International Inc. does not undertake to
update these forward-looking statements.
For further information:
For further information: Samantha Singh, MetroBridge Investor Relations,
Direct: (604) 628-5627, Toll Free: (888) 628-1240, Fax: (888) 628-2650,