Redline Receives Financing to Support WiMAX and Broadband Wireless Infrastructure Product Development
TORONTO, ON June 24, 2009 -- 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™ WiMAX Forum Certified™ system, RedMAX 4C WiMAX™ products, and its award-winning RedCONNEX™ and RedACCESS™ families of broadband wireless infrastructure products 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 135,000 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.
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Certain statements in this release 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. Statements related to potential benefits of, and demand for, Redline’s products including statements with respect to the features and benefits that may be achieved through the use of Redline’s products and the relative position of these products vis-à-vis competitive offerings in the industry are forward-looking statements which are subject to certain assumptions, risks and uncertainties.
These risks and uncertainties include such factors as rapid technological changes, long uncertain sales cycles, demand for our products, the introduction of competing technologies, meeting industry standards, regulatory risk, dependent on key
partners and resellers and other similar factors that may cause the actual results, performance or achievements of Redline to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on such statements. Redline assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Media Contacts: Carolyn Anderson
Redline Communications
tel. 905.479.8344 x 2333
canderson@redlinecommunications.com/pkatharos@redlinecommunications.com
NOTE: All registered and unregistered trademarks mentioned in this release are the property of their
respective owners.