Times Three Wireless Provides Update on Brokered Private Placement

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Times Three Wireless Inc. (TSX VENTURE:TTW) ("Times Three" or the "Company")
provides an update concerning its previously announced fully marketed private
placement (the "Offering") of units ("Units") of the Company, at a price of
$0.09 per Unit. As was announced on November 12, 2012, each Unit shall consist
of one common share (a "Common Share") of the Company and one Common Share
purchase warrant (a "Warrant"). Each Warrant will entitle the holder to acquire
one Common Share at an exercise price of $0.13 per Common Share at any time up
to 2 years from the date of the closing of the Offering. 


The Company has now decided to conclude the Offering for reduced gross proceeds
of approximately $1.5 million. It is anticipated that the Offering will close,
in one or more closings, beginning on or about December 28, 2012. 


The Offering is subject to the approval of the TSX Venture Exchange.

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 of the Offering.
With respect to forward-looking statements contained in this news release, Times
Three has made assumptions regarding, among other things, the closing date of
the Offering. 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 not be successful in
finalizing the terms of the private placement financing and closing such
placement 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