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Wi-LAN announces merger with Tri-Vision

Briefs | 03/27/2007 1:38 pm EDT

Less than three weeks after Wi-LAN Inc. finished the sale of 5,714,300 common shares of the company on a bought deal basis, the proceeds for which grossed $40 million, the Ottawa-based company has announced the signing of a non-binding letter of intent with Tri-Vision International Ltd. for a business combination. Under the merger, Tri-Vision's common shares would be exchanged for common shares of Wi-LAN based on a price of $1.72 per Tri-Vision common share. This transaction would value Tri-Vision at about $108 million. "The combination of Wi-LAN and Tri-Vision will create a company that is more than the combined parts. It will be a world-class IP licensing company with exciting growth expected from our portfolio of essential patents," said Jim Skippen, the president and CEO of Wi-LAN. Since Tri-Vision owns the rights to US and Canadian V-chip patents, the acquisition will expand Wi-LAN's portfolio beyond the wireless and into the broadcast distribution sector. Skippen estimates the existing licenses of Tri-Vision should yield about $100 million in future revenues.

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