TORONTO, ONTARIO — (Marketwire) — 01/18/12 — Wireless Age Communications Inc. (“the Company”) (PINKSHEETS: WLSA) Chairman and CEO, John G. Simmonds would like to address a number of issues of interest and importance in order to keep our shareholders informed.
Firstly, as we start 2012, we want to advise our shareholders that it is our intent to close our year end financials as quickly as possible and commence an audit in order to bring the Company compliant and be in a position to file the appropriate regulatory documents with SEC so we can get up listed and resume trading on the OTCBB. We are hopeful all of this can be completed in the first quarter.
We ended 2011 in fairly good shape with respect to our balance sheet. We settled all outstanding debts with the Trustee of Sasktel, we sold off OC Communications Group Inc. (“OCCGI”) for shares and assumption of debt and converted all remaining debt to Preferred shares. We start 2012 debt free from a corporate perspective. We also have a good earn out with significant upside on the Gamecorp transaction. With the divesting of OCCGI, we did terminate any future plans we may have had with Apollo.
We were disappointed that the license for Fanotech could not be completed. Our exposure to the Fanotech debacle is minimal and it will have little or no affect on our business going forward.
We continue to look at Waste-To-Energy projects and have identified several good opportunities. We are hopeful that during 2012 we can get at least one project under construction. We are also looking at structures that will allow us to do multiple projects in parallel. We expect more news on these developments in Q1.
We are also looking at how we can enhance our position in the home audits and sale of Green Energy Projects. We are currently in discussions on partnering with sales and marketing organizations that will help us develop and grow this area of our business. We have identified a number of good projects that we can sell through our existing channel.
Finally, we are working with a group that we believe will enhance our stock price and bring greater awareness to our Company, this should be more evident as we release further information over the next few weeks.
We appreciate the patience and support of our shareholders as we navigate through this difficult and sometimes trying period. We will continue to work tirelessly to make certain that no one will be let down in the end.
Forward Looking Statements Note
This press release contains “forward looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on currently available competitive, financial and economic data and management-s views and assumptions regarding future events. Such forward-looking statements are inherently uncertain. Wireless Age Communications, Inc. cannot provide assurances that the matters described in this press release will be successfully completed or that the company will realize the anticipated benefits of any transaction. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to: global economic and market conditions; the war on terrorism and the potential for war or other hostilities in other parts of the world; the availability of financing and lines of credit; successful integration of acquired or merged businesses; changes in interest rates; management-s ability to forecast revenues and control expenses, especially on a quarterly basis; unexpected decline in revenues without a corresponding and timely slowdown in expense growth; the company-s ability to retain key management and employees; intense competition and the company-s ability to meet demand at competitive prices and to continue to introduce new products and new versions of existing products that keep pace with technological developments, satisfy increasingly sophisticated customer requirements and achieve market acceptance; relationships with significant suppliers and customers; as well as other risks and uncertainties, including but not limited to those detailed from time to time in Wireless Age Communications, Inc. SEC filings. Wireless Age Communications, Inc. undertakes no obligation to update information contained in this release. For further information regarding risks and uncertainties associated with Wireless Age Communications, Inc.-s business, please refer to the risks and uncertainties detailed from time to time in Wireless Age Communications, Inc.-s SEC filings.
Contacts:
Wireless Age Communications Inc.
Mr. John G. Simmonds
Chairman, President and Chief Executive Officer
905-833-2753 ext. 223
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