Times Three Wireless Announces Resignation of Directors
February 21 2014 - 5:13PM
Marketwired
Times Three Wireless Announces Resignation of Directors
CALGARY, ALBERTA--(Marketwired - Feb 21, 2014) - Times Three
Wireless Inc. (TSX-VENTURE:TTW) ("Times Three" or the "Company")
announces that, to date, it has been unsuccessful in its efforts to
secure any financing to fund any ongoing operations or to find a
strategic partner to continue its technology business or to divest
its assets. The Company does not have sufficient working capital to
continue operations, with no present financing options available to
it.
The Company also announces Jim Colvin, Jeff Fortin, Rob Henschel
and William Middleton have all resigned as directors of Times Three
effective immediately. No replacement directors have been appointed
nor, through discussion with interested parties, have any persons
expressed interest in becoming directors.
In addition to the foregoing, the Company has received notice
from the TSX Venture Exchange ("TSXV") that trading in the
Company's shares has been halted for the failure of the Company to
maintain certain continued listing standards and that, subject to
rectification of such deficiencies, the TSXV intends to suspend the
trading in the Company's shares on the TSXV on February 21, 2014.
Due to the Company's current working capital issues, the Company
does not expect it will have sufficient resources to fund the
rectification of such deficiencies, and as such, expects that
trading in the Company's shares will be suspended.
About Times Three
Times Three, originally founded in 1995 as Cell-Loc Inc., is a
technology innovation and licensing company based in Calgary. It
has a long history of innovation and successful product development
in wireless location technologies and continues to hold its
portfolio of important patents and intellectual property.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS:
Certain statements contained in this news release constitute
forward-looking statements. By their nature, forward-looking
statements are subject to numerous risks and uncertainties, some of
which are beyond Times Three's control including the impact of
general economic conditions, industry conditions, competition from
other industry participants, the lack of availability of qualified
personnel or management, stock market volatility and ability to
access sufficient capital from internal and external sources.
Readers are cautioned that the assumptions used in the preparation
of such information, although considered reasonable at the time of
preparation may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements. Times Three's
actual results, performance or achievement could differ materially
from those expressed in or implied by, these forward-looking
statements and, accordingly, no assurance can be given that any of
the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do so, what benefits Times
Three will derive therefrom.
The forward-looking statements contained in this news release
are made as of the date of this news release. Except as required by
law, Times Three disclaims any intention and assumes no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Times Three Wireless Inc.Dave GuebertCFO403.569.5700