Edgewater Wireless Systems Inc V.YFI

Edgewater Wireless arranges loan with CEO; CFO resigns

[birdie22]

Edgewater Wireless arranges loan with CEO; CFO resigns

Edgewater Wireless Systems Inc (C:YFI)
Shares Issued 169,738,630
Last Close 10/15/2020 $0.045
Wednesday December 2 2020 - News Release

Mr. Andrew Skafel reports

EDGEWATER ANNOUNCES NEW FUNDING AND ORGANIZATIONAL CHANGES

Edgewater Wireless Systems Inc. has secured a loan facility with significant insider participation from the president and chief executive officer, Andrew Skafel, and has provided an update on organizational changes.

Effective immediately, Robert Harper has resigned as chief financial officer of the company. Also, the board of directors is now five members following the departures of Chris McGillivray and Jane Barratt.

"On behalf of the Edgewater Wireless and its board, I would like to thank Bob, Jane and Chris for their contributions and wish them well in their future endeavours," said Brian Imrie, chairman of Edgewater Wireless.

The loan facility arranged by the company will provide funds required to complete the audit of the company's financial statements for the year ended April 30, 2020, and contribute to working capital for continuing operations.

About Edgewater Wireless Systems Inc.

Edgewater Wireless is the industry leader in innovative WiFi spectrum slicing technology for residential and commercial markets. Its products include advanced silicon solutions, access points and IP licensing designed to meet the high-density and high-quality-of-service needs of service providers and their customers. With over 24 patents, Edgewater's multichannel, single radio (MCSR) technology revolutionizes WiFi, delivering next-generation WiFi today.

We seek Safe Harbor.

[Pandora]

It is great to finally see some news as to what is going on behind the scenes but we also need the next page. Funding will help produce the year end financials but there is no mention of 1st & 2nd quarter financials. Bob Harper is departing - possibly has already departed from what someone mentioned a while back. Who does the financials in the meantime. What is the status of the last PP - was

[Brian78]

Well at least there is some life left in the company. Maybe a shake up will be good?

[Pandora]

Somebody on here mentioned Bob Harper earlier so presumably there was word of that out there somewhere -- possibly someone talking directly to Bob. Jane Barrat and Chris McGillvray from the board is a different matter. Probably some hotly contested board meetings have been going on but that is just a guess. A fly on the wall would likely have a story. Possibly the size of the board will just be

[Liked2Think]

So Andrew is giving the money to finish the financials of long ago?  Am I understanding this right? Must be some sort of inside benefit to him to do that.  who knows.  Ive given up with this company.  havent sold because I cant and even if i could who would buy. it will sit in my account massively in red until it is just gone.  ive convinced of it now.

[grm9727]

I hope that the two vacant board spots will be filled by a joint venture partner yet to be announced, Lets hope we will start trading soon and more news will follow shortly. The Fact that Andrew is putting his own money on the table should speak volumes. Fingers crossed. 

[RoyallyScrewed]

grm9727, you really think so? It's a loan, they didn't buy shares. Think about the difference in risk. A loan --- practically risk free as it is backed by the assets of the company (all those patents) which are probably worth 2-4 million even in a fire sale. "Edgewater Wireless Systems Inc. has secured a loan facility with significant insider participation from the president and