19 Nov 2008 07:00
Redline Communications Group Inc. - Additional Listing and Block Admission
TORONTO, Nov. 19 /CNW/ - Redline Communications Group Inc. ("Redline" or "the Company") , a leading provider of WiMAX and broadband wireless infrastructure, today announces that between the period of 25 October 2007 to 31 October 2008, 3,289,243 Class A common shares were converted by shareholders into common shares of no par value in the capital of the Company ("Common Shares"). In addition, during the same period, share options over 68,385 Common Shares were exercised by employees.
Application has been made for the 3,357,628 Common Shares issued pursuant to the conversion of Class A common shares and the exercise of the stock options to be admitted to trading on the AIM market of the London Stock Exchange ("AIM"). The shares will rank pari passu with existing Common Shares and admission is expected to be effective from 8.00am GMT on 24 November 2008.
Following the admission of these Common Shares, the Company will have 21,060,925 voting shares in issue, comprising 17,104,207 Common Shares admitted to trading on AIM and 3,956,718 Class A common shares convertible at the holders' discretion into Common Shares. No shares are held in treasury.
In addition, Redline announces that an application has been made by the Company to AIM for the block admission of up to 6,363,715 Common Shares comprising:
- 3,956,718 Common Shares which may be issued pursuant to the conversion of Class A common shares into Common Shares; and - 2,344,263 Common Shares which may be issued pursuant to the exercise of options under the 2007 Option Plan; and - 72,734 Common Shares which may be issued pursuant to the exercise of the Pinnacle Warrant. 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 RedCONNEX(TM) and RedACCESS(TM) 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 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.
NOTE: All registered and unregistered trademarks mentioned in this
release are the property of their respective owners.
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-ƒ -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.
For further information: Redline Communications, Carolyn Anderson, canderson(at)redlinecommunications.com, Tel: (905) 479-8344; Equicom Group, Craig Armitage, Vanessa Beresford, carmitage(at)equicomgroup.com, vberesford(at)equicomgroup.com, Tel: (416) 815-0700; Canaccord Adams, Neil Johnson, Andrew Chubb, Tel: +44 (0)20 7050 6500 (RDL)
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