Times Three Wireless Announces Closing of Private Placement Financings

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S. 

Times Three Wireless Inc. (TSX VENTURE:TTW) ("Times Three" or the "Company") is
pleased to announce it has completed the closing of it's previously announced
brokered private placement financing (the "Brokered Financing"). Pursuant to the
Brokered Financing, the Company issued an aggregate of 8,496,000 units ("Units")
at an issue price of $0.09 per Unit for aggregate gross proceeds of $764,640.
Each Unit is comprised of one common share in the capital of the Company
("Common Share") and one warrant ("Warrant"), each Warrant entitling the holder
thereof to acquire one Common Share at any time on or before 24 months from the
date of issuance at an exercise price of $0.13 per Common Share. Paradigm
Capital Inc. (the "Agent") acted as sole agent in respect of the Brokered
Financing.  


As consideration for its services pursuant to the Brokered Financing, the Agent
received a cash commission equal to 7% of the total proceeds of the Brokered
Financing and 679,680 non-transferable broker warrants ("Broker Warrants"). Each
Broker Warrant entitles the Agent to acquire, at any time on or before 24 months
from the date of issuance, one Unit at an exercise price of $0.10 per Unit. 


Additionally, the Company has closed a non-brokered private placement (the
"Non-Brokered Financing") of 7,517,889 Units at an issue price of $0.09 per Unit
for aggregate gross proceeds of $676,610. The combined total aggregate gross
proceeds of the Brokered and Non-Brokered Financings are therefore $1,441,250. 


The Common Shares and Warrants issuable as part of the Units and upon exercise
of the Broker Warrants and the Common Shares issuable on exercise of the
Warrants, are subject to a 4 month hold period from the date of closing. 


The net proceeds raised under the Brokered and Non-Brokered Financings will be
used for the ongoing evaluation and development of the Company's existing patent
portfolio and potential patent acquisition opportunities, to investigate and
pursue potential strategic partnerships and for general corporate purposes. 


"We are very pleased to have been able to complete two financings for total
gross proceeds of just under $3M in less than 3 months", said William Middleton,
CEO of Times Three, "We will now continue to develop and implement our
technology and IP licensing programs". 


SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: 

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 timing of closing and use of
proceeds of the proposed private placement financing. With respect to
forward-looking statements contained in this news release, Times Three has made
assumptions regarding, among other things, the use of proceeds of the
financings. 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, that the
Company may decide it is in the best interests of the Company to deploy the
proceeds raised pursuant to the financings in an alternative manner as well as
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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