Edgewater Wireless Announces Delay in Filing of Annual Financial Reports

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Edgewater Wireless delays filing of annual financial statements, potential adjustment to convertible debentures

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• Delay in filing annual financial statements may negatively impact investor confidence

OTTAWA, Ontario--(BUSINESS WIRE)-- Edgewater Wireless Systems Inc. (TSX-V: YFI) (the “Company” or “Edgewater Wireless”) announces that it will be delaying the filing of its annual consolidated financial statements for the year ended April 30, 2023, the related management’s discussion and analysis of financial condition and results of operations and the CEO and CFO certificates relating to the audited annual financial statements as required by National Instrument 52-109 – Certificate of Disclosure in Issuers’ Annual and Interim Filings (collectively, the “Required Documents”) beyond the August 28, 2023 filing deadline.

During its audit of the Company’s annual consolidated financial statements, KPMG LLP (“KPMG”) identified a potential adjustment related to the accounting treatment of CDN$716,000 worth of convertible debentures issued by the Company on September 1, 2022.

The Company is currently working diligently to complete the convertible debentures related analysis and facilitate the completion of the audit of the annual consolidated financial statements by KPMG at the earliest possible date. It expects to be able to file the Required Documents by September 8, 2023, or sooner.

The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed. The OSC may issue a general cease trade order against the Company for failure to file the Required Documents prior to the August 28, 2023, filing deadline. Other than as disclosed herein, Edgewater Wireless is up to date in its filing obligations.

About Edgewater Wireless

We make Wi-Fi. Better.

Edgewater Wireless is the industry leader in innovative Spectrum Slicing technology for residential and commercial markets. We develop advanced Wi-Fi silicon solutions, Access Points, and IP licensing designed to meet high-density and high quality-of-service needs of service providers and their customers. With 26 granted patents, Edgewater’s Spectrum Slicing technology revolutionizes Wi-Fi, delivering next-generation Wi-Fi today.

Edgewater’s physical layer Spectrum Slicing allows a frequency band to be divided, or sliced, to enable more radios to operate in a given area. Think of Spectrum Slicing like moving from a single-lane road to a multi-lane highway — regardless of Wi-Fi technology. The recently completed Proof of Concept (PoC) with a major Tier 1 Service Provider showed 7 to 18 times performance gains in 75% of homes surveyed. Interestingly, homes with the most devices saw the most significant improvements.

For more information, visit www.edgewaterwireless.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230829101324/en/

Edgewater Wireless:

Andrew Skafel, President and CEO

E: andrews@edgewaterwireless.com

Bill Mitoulas, Investor Relations

E: IR@edgewaterwireless.com

T: +1.416.479.9547

Source: Edgewater Wireless Systems Inc.