Wi2Wi Corporation ("Wi2Wi" or the "Company") (TSXV:YTY) announces that it has entered into a three-year contract, valued at US$2.6 million, with a confidential defense organization for Precision Devices products for an aerospace application. The Company also announces the grant of 2.1 million stock options to officers and directors at an exercise price of $0.075 per stock option, and an investor relations engagement with Boardmarker Group, subject to TSX Venture Exchange approval.
Customer Contract
The Company has entered into a three-year contract valued at approximately US$2.6 million with a confidential defense organization. Under the contract, Wi2Wi will supply Precision Devices products for an aerospace application. Precision Devices is the Company's Made-in-USA, vertically integrated line of high-reliability precision timing and frequency control products, including industrial and MIL-SPEC crystals, oscillators, and filters serving defense, aerospace, medical, and industrial applications.
Sue Amarin, CEO and Director, states: "This contract reflects continued demand for our Made-in-USA Precision Devices products and our customers' confidence in Wi2Wi's quality and reliability. Those relationships have been built over many years with aerospace, defense, and industrial OEMs who depend on our high-reliability timing and frequency-control solutions. We are also seeing increasing demand as defense spending rises and programs require trusted U.S. manufacturing. We are also formalizing our investor-relations support so shareholders and the investment community have a clear point of contact as we execute."
Stock Option Grant
The Company has granted 2.1 million stock options to officers and directors of the Company at an exercise price of CAD$0.075 per stock option. The grant is subject to TSX Venture Exchange acceptance.
Investor Relations Engagement
The Company has engaged Calgary-based 1359410 Alberta Inc., carrying on business as Boardmarker Group ("Boardmarker"), to primarily provide investor relations services in accordance with TSX Venture Exchange policies. Boardmarker has provided scalable investor relations services to over 30 clients since its inception in 2007. Under the agreement, Boardmarker will receive compensation of CDN$6,000 per month, plus GST, for an initial 90-day probationary period, and an initial option grant of 500,000 options at an exercise price of CAD$0.10. The probationary period forms part of a one-year term commencing on the effective date. If the agreement has not been terminated prior to or upon expiry of the probationary period, the engagement continues for the remainder of that one-year term.
Boardmarker will provide investor relations services, including shareholder identification and communications, investor materials, capital-markets support, support for the Company's X, LinkedIn, and YouTube channels, and day-to-day handling of the investor-relations inbox, as directed by the Company.
Boardmarker Group is operated by Dean Stuart, a Calgary-based consultant for the past nineteen years. Mr. Stuart holds a B.A. Economics from the University of Calgary and was previously employed by the Alberta Stock Exchange in the market surveillance department. Boardmarker and the Company are unrelated and unaffiliated entities and, at the time of the agreement, Boardmarker owns 10,000 securities of the Company. The engagement and the Boardmarker option grant described above are subject to TSX Venture Exchange review and approval.