Science & Technology
Fri, June 17, 2011Thu, June 16, 2011Wed, June 15, 2011Tue, June 14, 2011Mon, June 13, 2011Fri, June 10, 2011Thu, June 9, 2011Wed, June 8, 2011Tue, June 7, 2011Mon, June 6, 2011Sat, June 4, 2011Fri, June 3, 2011Thu, June 2, 2011Wed, June 1, 2011Tue, May 31, 2011Mon, May 30, 2011Fri, May 27, 2011REDLINE COMMUNICATIONS CLOSES $8.3 MILLION PRIVATE PLACEMENT FINANCING
Published in Science and Technology on Friday, June 10th 2011 at 14:26 GMT by Market Wire
TORONTO, June 10, 2011 /CNW/ - Redline Communications Group Inc. (the "Corporation" or "Redline") (TSX: RDL), today announced that it has closed its previously announced private placement (the "Private Placement") of secured convertible debentures (the "Debentures") in an aggregate principal amount of $8,300,000 Cdn. under the terms and conditions outlined in the Corporation's press release dated April 20th, 2011. Participants in the financing are primarily existing shareholders, directors and senior management of the Corporation, and the net proceeds will be used to strengthen the Corporation's financial position.
This Private Placement follows the Corporation's announcement of positive earnings for the year ended December 31st, 2010 and for the three months ended March 31st, 2011, which continue to improve the Corporation's financial strength.
"We are pleased to be able to strengthen our balance sheet with this additional capital from our existing major shareholders" said Eric Melka, Redline CEO. "The strong results we've delivered in the past five quarters have helped us communicate the potential we see in the broadband wireless space, and these additional funds will help bolster our market presence. We appreciate the support of our shareholders."
About Redline Communications
Redline Communications ([ www.rdlcom.com ]), founded in 1999, is a publicly traded company on the Toronto Stock Exchange that manufactures powerful and versatile wireless broadband systems used to deploy distributed applications and services and to power 4G networks. Service Providers use Redline products to power their 4G networks; municipalities to quickly and easily deploy or extend their public safety networks; oil and gas companies to monitor and control their oil wells; enterprises to bring business grade access to buildings; and the military to create secure networks in any location. For over 10 years Redline has been delivering reliable wireless solutions to thousands of customers in over 100 countries, with the strong combination of high capacity, speed, range and reliability. Redline products are marketed and supported through an exclusive network of value added resellers in the Americas; the Middle East and Africa.
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NOTE: All registered and unregistered trademarks mentioned in this release are the property of their respective owners.
Forward Looking Statements
Certain statements in this release may 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. Readers are cautioned not to place undue reliance on such statement. Unless otherwise required by applicable securities laws, Redline assumes no obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise.
