BELLEVUE, Wash., April 10, 2000 (PRIMEZONE) -- Unity Wireless (a dba of Sonic Systems Corporation of Delaware) (NQB:ZSON) is pleased to announce that it recently completed a private placement of securities with gross proceeds of $6 million. The Company received subscriptions for four million units at $1.50 per unit. Each unit consists of one common share and one warrant to purchase one common share exercisable at $3.25 for 18 months. The Company has the right to call the warrants any time after the Company's common shares have traded at or above an average ten-day trading price of $5.00. The warrants, if fully exercised, could represent additional proceeds of $13 million.
"This financing gives us the ability to continue fuelling the momentum generated by our UniLinx wireless Internet technology," said Unity Wireless chairman and chief executive officer Mark Godsy. "The investors in the private placement are all value-added, as each participant brings both financial and strategic value to the Company."
About Unity Wireless
Unity Wireless (a dba of Sonic Systems Corporation of Delaware) is a multi-faceted provider of wireless and acoustic technologies and integration services to the computing, communications, and Intelligent Transportation Systems (ITS) industries.
Certain information included in this news release, as well as information included in oral statements or other written statements made or to be made by Sonic Systems Corporation (dba Unity Wireless) and its subsidiaries, contain statements that are forward-looking. Such statements relate to the future anticipated direction of the wireless industry, plans for future expansion, various business development activities, planned capital expenditures, anticipated sales growth and potential contracts. These forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated.
Note: Sonic Systems Corporation dba Unity Wireless, a Delaware corporation with offices in Bellevue, WA, is in no way affiliated with SonicWall, Inc. (formerly Sonic Systems, Inc.), a California corporation with headquarters in Santa Clara, California, which provides Internet security solutions.