CALGARY, Canada – June 23, 2006 -- Wi-LAN Inc. (“Wi-LAN” or “the Company”) announced today that it has completed the previously announced issuance of 9,091,000 common shares of the Corporation. The shares were issued on a bought deal private placement basis, at a price of $0.88 per share, for gross proceeds of approximately $8 million. The shares were offered for sale by a syndicate of underwriters co-led by Wellington West Capital Markets Inc. and Paradigm Capital Inc.
The proceeds of the offering will be used to strengthen Wi-LAN’s cash position, and will service the Company’s new business model of focusing its resources on the licensing of its portfolio of essential technology patents.
"This has been a very exciting first week for me," said Jim Skippen, President and CEO of Wi-LAN. We closed an important round of financing which will greatly assist us in our efforts to secure fair royalties for our patents. I am also greatly encouraged by the significant number of active discussions which are ongoing with potential licensees."
Mr. Skippen started his new role as director, President and Chief Executive Officer of Wi-LAN this week. Jim replaced Bill Dunbar who had been president and CEO since February 2005.
“Jim Skippen starting as the CEO together with the additional funding are very exciting for Wi-LAN,” said Dr. Hatim Zaghloul, Chairman of the board of Wi-LAN. “We would like to thank Mr. Dunbar for his efforts in helping focus the company’s resources on its patents.”
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Wi-LAN Inc.
Wi-LAN holds a varied portfolio of essential patents in large, existing and emerging industries: CDMA2000, WiFi and WiMAX. Wi-LAN has licensed its patents to a few companies. Wi-LAN is a charter member of the WiMAX Forum (www.wimaxforum.org