CALGARY, ALBERTA--(Marketwire - Nov. 1, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Times Three Wireless Inc. (TSX VENTURE:TTW) ("Times Three" or "the Company") is pleased to announce that it has engaged Paradigm Capital Inc. to act as lead agent in connection with a proposed fully marketed private placement (the "Offering") of securities to raise gross proceeds in the minimum amount of $6,000,000. The net proceeds raised under the Offering will be used towards evaluating and analyzing the Company's existing patent portfolio and potential patent acquisition opportunities, to investigate and pursue potential strategic acquisitions and partnerships and for general corporate purposes.

The composition of the securities to be sold in the offering and the issue price thereof shall be determined in the context of the market, in the near term. It is anticipated that the closing of the Offering will occur on or about November 23, 2012 (the "Closing Date"), with closing being subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The securities sold in the Offering to eligible purchasers resident in Canada will be subject to resale restrictions for a period of four months and one day from the closing date, pursuant to applicable securities legislation.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS:

Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target" and similar words suggesting future events or future performance. In particular, this news release contains, without limitation, forward-looking statements pertaining to the size, pricing, composition, closing date and use of proceeds of the proposed private placement financing. With respect to forward-looking statements contained in this news release, Times Three has made assumptions regarding, among other things, the size, pricing, composition, closing date and use of proceeds of the proposed private placement financing. Although Times Three believes that the expectations reflected in the forward looking statements contained in this news release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this news release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause Times Three's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, that the Company may not be successful in finalizing the terms of the private placement financing and closing such placement and the other factors described in Times Three's public filings available in Canada at [ www.sedar.com ]. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking statements contained in this news release speak only as of the date of this news release. Except as expressly required by applicable securities laws, Times Three does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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