October 25, 2001
IPWorld Communications Corporation, today announced that it has entered into an agreement with Wi-LAN Inc. (TSE:WIN.), an innovator of high-speed wireless data and Internet communications, to purchase Wi-LAN's wireless equipment for delivery of broadband wireless access to IPWorld's customers.
"We are very pleased with our agreement. In this time of sparse investment dollars, network providers and equipment vendors have to work as a team to conserve cash but continue delivering network and services. IPWorld is working with other network equipment vendors to arrange similar transactions," said Brian Fry, President and CEO, IPWorld.
IPWorld has agreed to purchase wireless network equipment from Wi-LAN Inc. having a value of approximately $1,500,000. Wi-LAN has agreed to subscribe to a convertible, 5%, 5 year, debenture to be issued by the Company. Wi-LAN will have the right to convert the debenture into common shares of the Company at a price not less than $.50 per share based on the 10 day trading average of the Company's shares.
"The Wi-LAN product is an excellent solution for providing fast and reliable last mile access to the end user," said Tim Dufour, COO, IPWorld. "This product enables IPWorld to quickly implement its plans for rolling out community networks."
IPWorld is a full service, open access network provider that delivers "Next Generation" networks, co-location facilities, broadband solutions, managed & security services to businesses and service providers. Using Wi-LAN's last mile solution products and IPWorld's planned fiber optic network, the company will be able to partner with service providers to deliver a suite of applications such as video conferencing, virtual private networks, video on demand, and Internet access.
"We are pleased to be able to establish this relationship with IPWorld," said Dr. Hatim Zaghloul, Chairman, President and CEO, Wi-LAN Inc. "IPWorld is an exciting young company that is demonstrating strength as a network integrator. We are happy to see our products in their networks."
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