All figures in Canadian dollars unless specified
TORONTO, June 24 /CNW/ - Redline Communications Group Inc. ("Redline" or
"the Company"), (TSX: RDL), a leading provider of WiMAX and wireless broadband
solutions today announced it has signed an agreement with the Ontario Ministry
of Economic Development for $10 million in financing to support the ongoing
development of its WiMAX and Broadband Wireless Infrastructure (BWI) products.
The repayable loan has been provided through the Ontario Ministry of Economic
Development's Advanced Manufacturing Investment Strategy (AMIS) program.
"This government loan will help Redline remain at the forefront of the
broadband wireless industry worldwide, and allow it to further grow its design
and development capability for 'Fourth Generation' (4G) commercial, military
and government broadband wireless networks," said Mihnea Moldoveanu, Redline's
Founder and Chief Strategy Officer.
Redline's broadband wireless products include a complete family of WiMAX
solutions that have achieved certification through the WiMAX Forum, an
international consortium of broadband industry manufacturers and
telecommunications carriers. It is also developing a mobile WiMAX solutions
based on the IEEE 802.16e standards for WiMAX technologies. Redline's
broadband wireless infrastructure solutions enable long-range, high-bandwidth
connections that support advanced communications services such as voice, video
and data applications. Redline is focused on working with service providers in
emerging markets to bring broadband communications to places where there is
limited or no existing infrastructure.
"With this funding, we believe that we can execute on our long-term
growth and product development strategies," said Majed Sifri, President and
Chief Executive Officer, Redline Communications Inc.
About Redline Communications
Redline Communications (www.redlinecommunications.com) is the leading
provider of fixed and mobile standards-based wireless broadband solutions.
Redline's RedMAX(TM) WiMAX Forum Certified(TM) system, RedMAX 4C Mobile
WiMAX(TM) products, and its award-winning broadband wireless infrastructure
family of products - RedCONNEX(TM) and RedACCESS(TM) - enable service
providers and other network operators to cost-effectively deliver
high-bandwidth services, including voice, video and data communications.
Redline is committed to maintaining its wireless industry leadership with the
continued development of WiMAX and other advanced wireless broadband products.
With more than 100,000 installations in 85 countries, and a global network of
over 170 partners, Redline's experience and expertise helps service providers,
enterprises and government organizations roll out wireless broadband networks
to support advanced communications.
Certain statements in this release, including the guidance provided
above, constitute forward-looking statements or forward-looking information
within the meaning of applicable securities laws and are made pursuant to the
"safe harbour" provisions of such laws. These statements are subject to
certain assumptions, risks and uncertainties. Readers are cautioned not to
place undue reliance on such statements. Risk factors that may cause the
actual results, performance, achievements or developments of the Company to
differ materially from the results, performance, achievements or developments
expressed or implied by such forward-looking statements can be found in the
public documents filed by the Company from time to time with Canadian
securities regulatory authorities. In particular, actual results could differ
materially from those expressed in any forward-looking statements. Downturns
in the economy or geopolitical uncertainties may cause customers to delay or
cancel projects. For a more complete list of risk factors, please refer to
Redline's Annual Information Form dated March 31, 2009. The Company assumes no
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
NOTE: All registered and unregistered trademarks mentioned in this
release are the property of their respective owners.
For further information:
For further information: Redline Communications, David Andrews/Carolyn
email@example.com, Tel: (905) 479-8344; Equicom Group, Craig
Armitage/Kristen Dickson, firstname.lastname@example.org,
email@example.com, Tel: (416) 815-0700