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News | 06/14/2000 4:00 am EDT

WSi sells wireless stake
WSi Interactive Corp, which currently holds a 40% stake in Ariel Wireless Technologies Inc, is swapping its shares for six million shares of Petra Resource Corp. On completion of the deal, Ariel will become a wholly owned subsidiary of Petra. Theo Sanidas, WSi's president, will become a director of Petra on closing. Ariel's main asset is a worldwide, non-exclusive OEM agreement with a "leading European provider of wired and wireless communication hardware and software products" which overcome last-mile hurdles using RF components in the unlicensed 2.4 GHz frequency. WSi is a Vancouver-based incubator of content and infrastructure startups.

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