VANCOUVER, B.C. July 30, 2007 - MetroBridge Networks International Inc., a premier high-speed wireless broadband provider for business in British Columbia with operations in Arizona, is pleased to announce that it has successfully completed the reverse take over of Huntingdon Capital Inc.
MetroBridge is also pleased to announce the closing of its previously announced public offering of units at $0.60 per unit for total gross proceeds of approximately $8.0 million. Each Unit consists of one common share and one common share purchase warrant, exercisable for a period of 24 months at $0.65.
Dave King, President and CEO of MetroBridge said, “We are very pleased to complete the significant milestone of having our Company become publicly traded and we look forward to building shareholder value through the execution of our business plan. The proceeds of the offering will enable MetroBridge to execute its growth strategy, which includes acquisitions and aggressive organic growth in North American markets. We can expand rapidly because our wireless deployment model is less expensive and quicker to deploy than traditional broadband over wire-line and fiber.â€
The common shares and warrants of the Company will be listed on the TSX Venture Exchange under the new trading symbol “MEBâ€, and are expected to commence trading on July 30, 2007.
The public offering was effected through a syndicate of agents led by Canaccord Capital Corporation and included Jennings Capital Inc. and Wellington West Capital Inc. The Agents also have the option to purchase from the Company up to an additional $1.2 million for a period of 30 days to cover over-allotments.
The units offered pursuant to the prospectus offering have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States and these securities may not be offered or sold, directly or indirectly, within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) without registration under the U.S. Securities Act and any applicable state securities laws unless an exemption from registration is available. This news release is not an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.
MetroBridge has issued a total of 515,000 incentive stock options to various directors and employees, exercisable at $0.60.
About MetroBridge Networks International Inc.
MetroBridge, a leading international fixed wireless provider, delivers broadband wireless access using pre-WiMAX and other advanced wireless technologies. Its highly redundant mission critical network provides connections up to 2500Mbps in Arizona and British Columbia. MetroBridge’s aggressive growth strategy includes acquisitions throughout North America and additional complementary products and services. The company operates in all market segments including police and 911 services, the financial industry, retailers and businesses of all sizes. MetroBridge was the first Canadian carrier selected to join the WiMAX Forum to assist the industry in establishing equipment interoperability. Please visit the Company’s website at www.metrobridge.com
For further information please contact:
Samantha Singh,
MetroBridge Investor Relations
Direct: (604) 628 -5627
Toll Free: (888) 628-1240
Fax: (888) 628-2650
ssingh@metrobridge.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
This press release contains certain forward-looking statements that reflect the current views and/or expectations of MetroBridge Networks International Inc. with respect to performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly from those disclosed herein. Investors are cautioned not to rely on these forward-looking statements. MetroBridge Networks International Inc. does not undertake to update these forward-looking statements.