DragonWave Announces Receipt of Repayment Demand and Notice of Intention to Enforce Security from Comerica Bank
OTTAWA, CANADA – July 20, 2017 – DragonWave Inc. (TSX:DRWI; NASDAQ:DRWI) (“The Corporation” or “DragonWave”) has received from Comerica Bank, as agent for Comerica Bank and Export Development Canada, a repayment demand of US$17,243,336. The Corporation also received a notice of intention to enforce the security under the June 1, 2012 Revolving Credit Agreement, pursuant to section 244(1) of the Bankruptcy and Insolvency Act (Canada) (the “Notice of Intention to Enforce”).
DragonWave continues to pursue alternative financing; however, there is no assurance that the Corporation will be successful in securing such financing, or if such financing discussions will be sufficiently advanced in the next 10 days when the notice period set out in the Notice of Intention to Enforce expires, at which time Comerica Bank and Export Development Canada may seek to take steps to enforce the security.
Comerica Bank, as agent, has reserved its right to proceed with enforcement of its security, at any time prior to the time specified in the Notice of Intention to Enforce, in those circumstances where such earlier enforcement may be permitted by law.
DragonWave® is a leading provider of high-capacity packet microwave solutions that drive next-generation IP networks. DragonWave’s carrier-grade point-to-point packet microwave systems transmit broadband voice, video and data, enabling service providers, government agencies, enterprises and other organizations to meet their increasing bandwidth requirements rapidly and affordably. The principal application of DragonWave’s products is wireless network backhaul, including a range of products ideally suited to support the emergence of underlying small cell networks. Additional solutions include leased line replacement, last mile fiber extension and enterprise networks. DragonWave’s corporate headquarters are located in Ottawa, Ontario, with sales locations in Europe, Asia, the Middle East and North America. For more information, visit http://www.dragonwaveinc.com.
DragonWave® is a registered trademark of DragonWave Inc.