Times Three Wireless Announces Closing of Non-Brokered Private Placement and Related Matters

Times Three Wireless Inc. (TSX VENTURE:TTW) ("Times Three" or "the Company")
today announced that it has closed its previously announced non-brokered private
placement. Pursuant to the private placement, 28,000,000 common shares of the
Corporation were issued at an issue price of $0.05 per common share for
aggregate gross proceeds of $1,400,000 to the Corporation. As part of the
private placement, an aggregate of 50,000 common shares at an issue price of
$0.05 per share were issued to an arm's length third party as compensation for
services provided by such individual in connection with the private placement 


The majority of the net proceeds of the private placement will be used towards
funding the costs of the expansion and development of the Company's technology
and patent licensing programs, in particular: (i) the increased general and
administrative costs relating to retaining the additional professional staff
required to manage these programs, (ii) the costs of engaging technical experts
and patent counsel to assist with the assessment of the Company's patents and
technology, and (iii) patent filing, prosecution and maintenance expenses. A
portion of the proceeds (approximately $400,000) will be used to reduce amounts
owing under a debenture of the Company held by a third party and to retire
current liabilities of the Company. 


Times Three has also completed the issuance of 7,000,000 common shares at a
deemed issue price of $0.05 per share to Mr. Dave Guebert, the Company's
Vice-President, Finance and Chief Financial Officer and 5,000,000 common shares
at a deemed issue price of $0.05 per share to Location Systems Solutions Inc.
("LSSI") a company controlled by Mr. Keith Bohn, the Company's Chief Operating
Officer and a director of the Company, in each case pursuant to the terms of the
previously disclosed settlement agreements entered into between the Company and
each of Mr. Guebert and LSSI. 


All of the securities issued pursuant to the Offering are subject to a four (4)
month hold period. As a result of the foregoing transactions, the Company now
has a total of 75,968,256 common shares issued and outstanding.


SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: 

Certain information in this news release is forward-looking within the meaning
of certain securities laws, and is subject to important risks, uncertainties and
assumptions. Forward-looking statements are typically identified by words such
as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will",
"project", "could", "plan", "intend", "should", "believe", "outlook",
"potential", "target" and similar words suggesting future events or future
performance. In particular, this news release contains, without limitation,
forward-looking statements pertaining to the use of proceeds from the private
placement. The forward-looking information in this news release describes the
Company's expectations as of the date of this news release.  


With respect to forward-looking statements contained in this news release, Times
Three has made assumptions regarding, among other things, its ability to deploy
the net proceeds of the private placement in the manner described herein.
Although Times Three believes that the expectations reflected in the forward
looking statements contained in this news release, and the assumptions on which
such forward-looking statements are made, are reasonable, there can be no
assurance that such expectations will prove to be correct. Readers are cautioned
not to place undue reliance on forward-looking statements included in this news
release, as there can be no assurance that the plans, intentions or expectations
upon which the forward-looking statements are based will occur. By their nature,
forward-looking statements involve numerous assumptions, known and unknown risks
and uncertainties that contribute to the possibility that the predictions,
forecasts, projections and other forward-looking statements will not occur,
which may cause Times Three's actual performance and financial results in future
periods to differ materially from any estimates or projections of future
performance or results expressed or implied by such forward-looking statements.
These risks and uncertainties include, among other things, the following: that
the Company may not successfully negotiate licensing agreements related to its
intellectual property; the general economic conditions in Canada, U.S. and
globally; and the other factors described in Times Three's public filings
available in Canada at www.sedar.com. Readers are cautioned that this list of
risk factors should not be construed as exhaustive. 


The forward-looking statements contained in this news release speak only as of
the date of this news release. Except as expressly required by applicable
securities laws, Times Three does not undertake any obligation to publicly
update or revise any forward looking statements, whether as a result of new
information, future events or otherwise. The forward-looking statements
contained in this news release are expressly qualified by this cautionary
statement. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Times Three Wireless Inc.
William Middleton
CEO
613.897.3894


Times Three Wireless Inc.
David Guebert
CFO
403.569.5700
(TSXV:TTW)
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