OTTAWA, Aug. 1, 2017 /CNW/ - DragonWave Inc.
(TSX:DRWI)(NASDAQ:DRWI) ("DragonWave" or the
"Company") announces today that, effective immediately upon
the appointment by the Ontario Superior Court of Justice of KSV
Kofman Inc. as receiver (the "Receiver") over the business
and assets of the Company, each of Peter
Allen, Claude Haw,
Cesar Cesaratto and Lori O'Neill have resigned from the Company's
board of directors.
The Receiver has been advised that the Continued Listing
Committee of the Toronto Stock Exchange ("TSX") has
determined to delist the Company's common shares effective at the
close of market on August 30, 2017.
The Receiver, on the Company's behalf, does not intend to appeal
the decision.
In addition, NASDAQ Stock Market LLC ("Nasdaq") has
issued a notice to the Company indicating its decision to delist
the Company's common shares and to suspend trading in the common
shares effective at the opening of business on August 2, 2017, unless the Company requests an
appeal of that decision. The Receiver, on the Company's behalf,
does not intend to appeal the decision.
It is expected that the Company's shares will remain suspended
from trading on both the TSX and Nasdaq.
All Court materials filed in the Company's receivership
proceedings are available on the Receiver's website at:
http://www.ksvadvisory.com/insolvency-cases/dragonwave-inc/.
New contact information. All future enquiries about the Company
and its activities should be directed to the Receiver. Contact
details are provided below.
Forward-Looking Statements
This news release contains certain statements that constitute
forward looking statements under applicable securities legislation.
All statements other than statements of historical fact are forward
looking statements. In some cases, forward looking statements can
be identified by terminology such as "may", "will", "should",
"expect", "plan", "anticipate", "believe", "estimate", "predict",
"potential", "continue", or the negative of these terms or other
comparable terminology. These statements are only as of the date of
this document and the Company does not undertake to publicly update
these forward looking statements except in accordance with
applicable securities laws. Forward looking statements, including
without limitation, statements concerning the continued listing of
the Company's common shares on the TSX and Nasdaq and the ongoing
operations of the Company are based on current expectations,
estimates, projections and assumptions, which the Company believes
are reasonable but which may prove to be incorrect and therefore
such forward looking statements should not be unduly relied upon.
These forward looking statements involve known and unknown risks,
uncertainties which may cause actual results or performance to be
materially different from any future results or performance
expressed or implied herein. These risks, uncertainties and other
factors relating to the Company include, but are not limited to,
the level of indebtedness of the Company, the implementation and
impact of obtaining any reorganization or restructuring of the
assets, business and financial affairs of the Company, future
cooperation of the creditors of the Company, the Company's ability
to generate sufficient cash flow from operations or to obtain
adequate financing to fund capital expenditures and working capital
needs and to meet the Company's ongoing obligations during the
receivership process and thereafter, the ability to maintain
relationships with suppliers, customers, employees, shareholders
and other third parties in light of the Company's current liquidity
situation and the receivership proceedings, as well as other
general assumptions regarding, among other things: industry
activity; the general stability of the economic and political
environment; effect of market conditions on demand for the
Company's products; the ability to obtain qualified staff,
equipment and services in a timely and cost efficient manner; the
ability to operate its business in a safe, efficient and effective
manner; the effect of current plans; the timing and costs of
capital expenditures; future commodity prices; currency, exchange
and interest rates; the regulatory framework regarding
environmental matters in the jurisdictions in which the Company
operates; and the ability of the Company to successfully market its
products. Additional risks and uncertainties affecting the Company
and its business and affairs are described in further detail under
the heading "Risks and Uncertainties" in the Company's Management's
Discussion & Analysis dated July 12,
2017 and in the Company's Annual Information Form and other
public documents filed by DragonWave with Canadian and United States securities regulatory
authorities, which are available at www.sedar.com and www.sec.gov
respectively. Although the Company believes that the expectations
in such forward looking information are reasonable, there can be no
assurance that such expectations shall prove to be correct. Any
forward looking information included in this press release is
expressly qualified in its entirety by this cautionary statement.
Any forward looking information included herein is made as of the
date of this news release and the Company assumes no obligation to
update or revise any forward looking information to reflect new
events or circumstances, except as required by law.
On behalf of DragonWave Inc. by KSV Kofman Inc. as receiver and
receiver and manager of DragonWave Inc.
SOURCE DragonWave Inc.