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Solidarity Invests in Wavesat

Light Reading
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Light Reading
10/21/2004
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MONTREAL -- Wavesat Inc., a fabless semi conductor developer of WiMAX broadband wireless network chipsets, announced today that because of heightened and continued interest from several investors, the Company has accepted an additional investment as part of its current financing round. The Solidarity Fund QFL has invested $2.5 million, bringing new financing for Wavesat to $10.5 million.

“We are happy to participate in this important technological breakthrough, especially at the very time when Wavesat is ready to reap the benefits of its many years of research and development,” said Jacques Bernier, Vice-President, Telecommunications and Information Technologies Investments of the Solidarity Fund QFL. “The broadband wireless market will experience considerable growth during the next few years and Wavesat is the leader in this very promising business sector.”

Wavesat president and CEO Michel Guay added, “We are very excited with the interest shown by investors in this financing, which is now oversubscribed. These new funds will give us additional means to commercialize our new chips and further accelerate our new product developments.”

Wavesat is poised to launch its first chipset compatible with the WiMAX (IEEE 802.16-2004) standard, the new reference for broadband wireless communications.

Wavesat Wireless Inc.

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