Shares of Times Three Wireless (CSNX:TTW) stirred from their slumber Thursday, closing the session up 575% to $.135.
The company announced that William (Bill) Middleton had accepted the position of president, chief executive officer and chief legal officer of Times Three, and had joined the company’s board of directors, effective immediately.
Middleton, who joined Wi-LAN in 2006 as vice-president, licensing, and general counsel left that company last summer. Middleton had also worked with Wi-LAN peer Mosaid.
“I am very excited to be joining Times Three as it moves forward to realize significant value from its technology operations and patent assets,” said Middleton. “I have long been aware of the potential and importance of the Times Three patent portfolio. Times Three currently holds important patents concerning narrow-band location and telemetry technology, which we believe are related to many applications and devices, including smart phones and other consumer electronic products. Given my background, it is especially intriguing to me that Times Three and Wi-LAN had common founders, one of whom is a listed inventor on Times Three’s patents as well as on some of Wi-LAN’s original patents. Working with the Times Three team, I plan to profitably manage Times Three’s existing networking and telemetry businesses, and to launch a results-oriented hands-on campaign to ensure that Times Three shareholders receive fair value for the company’s investment in its intellectual property.”
The action on the company’s stock today may affect the company’s other news, that it had commenced a non-brokered private placement for up to $1.4-million, by issuing 28-million shares at a nickel. Times Three also announced it had reached a settlement agreement with CFO Dave Guebert by issuing a promissory note and seven million common shares at five cents per share.
Calgary-based, Times Three Wireless, which was previously know as Cell-Loc Location Technologies designs products centered around location-based services, such as fleet tracking, stolen vehicle recovery and inventory tracking. The company lost $245,000 on scant revenue in its recently reported Q2.