Edgewater Wireless closes first tranche of $2.5M private placement

Edgewater Wireless Systems (YFI; TSX-V) has announced the closing of the first tranche of the company’s previously announced $2.5 million private placement. The company will use the investment in part to increase production for orders relating to the $4.9 million sale of Edgewater’s WiFi3 access points to World Affinity Telecom for a multi-phase deployment of WiFi3 access points in Western and Central Africa.

“This investment is an integral part of our growth strategy as demand for Edgewater Wireless’ WiFi3 technology increases globally,” said Andrew Skafel, President of Edgewater Wireless. “This investment demonstrates a clear belief in the huge market opportunity for Edgewater Wireless at a time when we are witnessing unprecedented growth and adoption of WiFi technology around the world.”

Edgewater Wireless next generation WiFi3 technology solves key issues related to interference, quality and capacity that users experience with traditional WiFi access points. With the exponential growth of WiFi around the world, these issues are increasing dramatically. WiFi3 technology enables users to access three channels on a single wireless access point radio resulting in faster downloads and vastly improved quality compared to traditional WiFi which only allows one channel per radio.