SOURCE: WanderPort Corporation

November 24, 2008 15:58 ET

Wanderport Corp. Finalizes Corporate Restructuring and Releases Financial Statements

NEW YORK, NY--(Marketwire - November 24, 2008) - Following a review of fallouts in several banks, the Board has found projects in American International Group, as well as Morgan Stanley to create a greater value to Wanderport Corporation immediately. Our financial partners are prepared to support Wanderport Corp. in our efforts to acquire or partner with several companies facing bankruptcy or those which have already commenced proceedings in the past weeks. Many of these companies have several interesting assets to be revised and considered by Wanderport Corp.

Furthermore, Wanderport Corp. is one of a few companies focused on key investments in bio-technology start-up companies seeking to partner or be acquired by way of share buyout in Tel Aviv and Haifa, Israel.

The company believes that pursuing these opportunities will strengthen its position within other companies and lead Wanderport Corp. to improved long-term success and profitability during these challenging economic circumstances.

As a consequence, the Company's restructuring will include the election of new officers and directors to Wanderport's Board of Directors in order to effectively lead the Company forward in the execution of its strategy and the next phase of its development. The timing of this window of opportunity cannot be better.

At this time Wanderport Corp. is also pleased to present shareholders with the Financial Statements. The Company shall be updating their Pink Sheets Profile in the near future but for the moment they can be found posted further down on this press release.

Forward-Looking Statement:

Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating results.

                       WANDERPORT CORPORATION
                      CONSOLIDATED BALANCE SHEETS
                   March 1, 2007 to February 29, 2008
                            (Un-audited)
                        (Subject to Revision)

Management's Certification

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclose of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

I, Adam Madisson, CEO of Wanderport Corporation on this 7 th day of April, 2008 hereby certify that the financial statements filed herewith and any notes thereto, fairly represent in all material aspects, the financial position and results of operations for the periods presented in conformity with accounting principles generally accepted (GAAP) in the United States.

The undersigned hereby states that he has read the information set forth herein above, and attests hereby to the best of his knowledge and belief; such information is true and correct.

Signed this 7th day of April, 2008

Wanderport Corporation

Signature in file

Adam Madisson, CEO


                      WANDERPORT CORPORATION
                   CONSOLIDATED BALANCE SHEETS
                March 1, 2007 to February 29, 2008
                           (Un-audited)
                       (Subject to Revision)


                                                      February 29,
                                                          2008
                                                      ------------


ASSETS

Current
    Cash or equivalent                                $   443,403
    Accounts Receivable
    Inventories                                       $    78,195
    Prepaid Expenses (and other current assets)       $    27,858


Total Current Assets                                  $   549,456
                                                      -----------

Long Term Assets

    Furniture and leasehold improvement               $   176,000
    (less depreciation)                               $   (35,200)

    Equipment                                         $ 1,344,000
    (less depreciation)                               $  (201,600)

    Software Programming                              $ 1,350,000


Total Long Term Assets                                $ 2,633,200
                                                      -----------


TOTAL ASSETS                                          $ 3,182,656
                                                      ===========






                    WANDERPORT CORPORATION
                 CONSOLIDATED BALANCE SHEETS
              March 1, 2007 to February 29, 2008
                        (Un-audited)
                    (Subject to Revision)


LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

    Accounts payables                                $   476,532

        Total Current Liabilities                    $   476,532
                                                     -----------

Long term liabilities

    Advances from Shareholder's                      $ 3,000,000

        Total Long term Liabilities                  $ 3,000,000
                                                     -----------

TOTAL LIABILITIES                                    $ 3,476,532


STOCKHOLDERS' EQUITY

  Common Stock, $0.001 par value, 200,000,000
   shares authorized, 93,100,000 shares of
   common stock issued and outstanding as of
   February 29, 2008                                 $    93,100

  Additional Paid-in capital                         $   326,674
  Accumulated deficit                                $  (713,650)
                                                     -----------

        Total Equity                                 $  (293,876)
                                                     -----------



TOTAL LIABILITIES AND EQUITY                         $ 3,182,656
                                                     -----------






                      WANDERPORT CORPORATION
                       STATEMENT OF INCOME
                March 1, 2007 to February 29, 2008
                          (Un-audited)
                       (Subject to Revision)

                                                    February 29,
                                                        2008
                                                    -----------

INCOME

    Sales
    Other Income                                    $   28,650

        TOTAL INCOME                                $   28,650

COST OF GOODS SOLD

    Opening Inventory                               $        0
    Add Purchases                                   $   66,065
    Add Freight-in                                  $    5,470
    Add Direct Labor                                $    6,240
    Add Indirect Expenses                           $      420

    Inventory Available                             $   78,195
    Less Ending Inventory                           $  (78,195)

        COST OF GOODS SOLD                          $        0

GROSS PROFIT (LOSS)                                 $   28,650

EXPENSES

    Wages                                           $  250,000
    Contract Labor                                  $   50,000
    Rent                                            $   42,000
    Office Expenses                                 $   14,000
    Insurance                                       $   13,400
    Legal and Professional fees                     $   25,400
    Licenses and Fees                               $   12,300
    Utilities                                       $   26,000
    Advertising                                     $   23,400
    Supplies                                        $    9,000
    Travel Expenses                                 $   19,200
    Vehicle Expenses                                $   20,800
    Depreciation                                    $  236,800

TOTAL EXPENSES                                      $  742,300
                                                    ----------

NET PROFIT (LOSS)                                   $ (713,650)
                                                    ----------






                       WANDERPORT CORPORATION
                       STATEMENT OF CASH FLOWS
                 March 1, 2007 to February 29, 2008
                            (Un-audited)
                        (Subject to Revision)


                                                              February 29,
                                                                  2008
                                                              -----------

Cash flows from operating activities

    Net loss                                                   $  (713,650)
    Depreciation                                               $   236,800
  (Increase) decrease in operating assets:
    Accounts Receivable                                        $        (0)
    Accounts payable                                           $   476,532
                                                               -----------

Net cash provided (used) by operating activities               $      (318)

Cash flows from investing activities

     Cash paid for purchase inventory                          $   (78,195)
     Cash paid for purchase equipment                          $(1,344,000)
     Cash paid for development software                        $(1,350,000)
     Cash paid for development furniture and leasehold
      improvement                                              $  (176,000)
                                                               -----------

Net cash provided (used) by investing activities               $(2,948,195)

     Cash received from issuing stock                          $       344
     Cash received from Investors                              $ 3,391,572

Net cash provided (used) in financing activities               $ 3,391,916

Increase (decrease) in cash during the period                  $   443,403
Cash balance at the beginning of the period                    $         0
Cash balance at the end of the period                          $   443,403





                       WANDERPORT CORPORATION
                    NOTES TO FINANCIAL STATEMENTS
                  March 1, 2007 to February 29, 2008
                            (Un-audited)
                        (Subject to Revision)

1. GENERAL

The Corporation was organized on March 29, 2006 under the laws of the State of Delaware. Since such date, the Corporation has been engaged in the business of software development and more specifically in exclusive proprietary technology system enabling customers to manage internet television from remote location. The usage of intuitive artificial system customize applications among utilization pattern of each end user.

2. BASIS OF PRESENTATION

The accompanying un-audited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America by the Issuer and in the opinion of management, include all adjustments consisting only of normal recurring accruals considered necessary to present fairly the Company's financial position at February 29, 2008 and the results of operations for the period ended February 29, 2008. Moreover, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

3. NATURE OF BUSINESS

Wanderport Corp., is specialized in software development and more specifically in exclusive proprietary technology system enabling customers to manage internet television from remote location.

With the inevitable event of video on the Internet, a massive worldwide turn is under way in how people consume video entertainment and furthermore how will they organize their viewing content on a daily base. Television programs are being viewed not only on TV sets but also on computer screens, mobile devices, and new multimedia entertainment centers. Although future is promising, many challenges in creating providing and managing next-generation content continues to be a major concern. Wanderport is committed to deliver world's first personalized, pinned point, customized, interactive, immersive multimedia content management system. Wanderport's unique and proprietary solution allows broadcasters and media companies not only to efficiently distribute video content but as well create an exclusive customized content schedule to each and every respective end user responding to each of their individual needs, lifestyles and profiles.

The WDRP's intuitive artificially intelligent system will customize its applications among utilization pattern of each end user. In other words, the more the client will utilize the system and features the more the content offers and schedules will be customized to its profile.

This incredible new immersive technology breakthrough will allow content providers and advertisers to develop a totally new, never attained reaching power capability for the viewer and provider to enter into an exclusive interactive relationship.

4. INVENTORIES

Inventories, which include material and a small component of work-in-process labor and overhead, are stated at the lower of cost (first in, first out) or market (net realizable value). The Company uses a standard cost accounting system in conjunction with an actual perpetual system to properly account for, control, and maintain the movement of all inventory components. If actual market and technical conditions are less favorable than those anticipated, inventory reserves would be required.

5. SOFTWARE PROGRAMMING

WDRP -- Most Advance Scalable Multitask Solution Software for High Quality Internet TV

WDRP (Television Internet Software) is WanderPort Corp's Internet TV technology platform that enables Clients to build high quality TV channels and networks of almost any configuration and commercial model.

WanderPort Corp has built and continues to develop the WDRP platform with the core purpose of allowing our Clients to engage and monetize viewers more effectively than any other available option on the market. WDRP (Television Internet Software) is an advanced broadcasting technology that will transform your television viewing experience. WDRP enables broadcasters to offer television with better picture and sound quality. It can also offer multiple programming choices, called Multicasting and interactive capabilities.

Summary:

WDRP Technology.

Wanderport, has built a currently commercial business around a seven year research and development program that has resulted in proprietary video compression (VCS), video streaming (VSS) and digital rights Software (DRS) technologies.

Wanderport technology significantly surpasses competitive technologies currently known to be in use in the market place.

Many third party tests have demonstrated that the use of WDRP technology yields streaming bit rates that are on average 20 times better and compression rates of 5 times better than the mainstream MPEG-4 and VC-1 technologies and their derivatives. These result in the ability to stream or buffering, and the ability to download DRS-protected video for later use (rental or purchase) many times faster than any competing technology.

Software Programming is recorded at cost including labor.

6. FURNITURE AND LEASEHOLD IMPROVEMENT

Furniture and leasehold improvement are recorded at cost. Maintenance and repair cost are expenses as incurred. Depreciation is providing using 20% per year.

COST:     $176 000     DEPRECIATION: $35 200     NET: $140 800

7. EQUIPMENT

Purchase of 40 work stations, Construction of a fully protected server room including server equipment, back box hardware, purchase of 10 interface graphic stations.

Equipment is recorded at cost. Maintenance and repair cost are expensed as incurred. Depreciation is providing using 15% per year.

Equipment are recorded at cost. Maintenance and repair cost are expenses as incurred. Depreciation is providing using 15% per year.

COST:     $1 344 000     DEPRECIATION: $201 600      NET: $1 142 400

8. ADVANCES FROM SHAREHOLDER'S

The Company has received approximately $3.4 million in cash investment from 11 shareholders. These investments are treated as advances in this current fiscal year and will be transformed into equity (shares) during the next fiscal year.

                             WANDERPORT CORPORATION
                        CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)
                            For Seven Months Ended
                             September 30, 2008

Management's Certification

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclose of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

I, Barry Somervail CEO of Wanderport Corporation on this 29 day of October, 2008 hereby certify that the financial statements filed herewith and any notes thereto, fairly represent in all material aspects, the financial position and results of operations for the periods presented in conformity with accounting principles generally accepted (GAAP) in the United States.

The undersigned hereby states that he has read the information set forth herein above, and attests hereby to the best of his knowledge and belief; such information is true and correct.

Signed this 29 day of October, 2008

Wanderport Corporation

Signature in file

Barry Somervail, CEO

                   WANDERPORT CORPORATION
                 CONSOLIDATED BALANCE SHEETS
           For Seven Months Ended September 30, 2008
                        (Un-audited)
                   (Subject to Revision)


                                                       September 30,
                                                           2008
                                                      --------------


ASSETS

Current
    Cash or equivalent                                $      851,432
    Accounts Receivable                               $      707,664
    Inventories                                       $      565,000
    Prepaid Expenses (and other current assets)       $       22,136


Total Current Assets                                  $    2,146,232
                                                      --------------

Long Term Assets

    Furniture and leasehold improvement               $      188,000
    (less depreciation)                               $      (65,760)

    Equipment                                         $    1,669,000
    (less depreciation)                               $     (420,860)

    Software Programming                              $    1,825,000


Total  Long Term Assets                               $    3,195,380
                                                      --------------



TOTAL ASSETS                                          $    5,341,612
                                                      ==============






                   WANDERPORT CORPORATION
                 CONSOLIDATED BALANCE SHEETS
          For Seven Months Ended September 30, 2008
                        (Un-audited)
                   (Subject to Revision)



LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

    Accounts payables                                 $      832,750

         Total Current Liabilities                    $      832,750
                                                      --------------



TOTAL LIABILITIES                                     $      832,750



STOCKHOLDERS' EQUITY

  Common Stock, $0.001 par value, 200,000,000 shares
   authorized 153,100,100shares of common stock issued
   and outstanding as of September 30, 2008           $      153,100

  Additional Paid-in capital                          $    4,266,300
  Accumulated Profit                                  $       89,462
                                                      --------------
         Total Equity                                 $    4,508,862
                                                      --------------


TOTAL LIABILITIES AND EQUITY                          $    5,341,612
                                                      --------------






                   WANDERPORT CORPORATION
                    STATEMENT OF INCOME
          For Seven Months Ended September 30, 2008
                       (Un-audited)
                   (Subject to Revision)

                                                       September 30,
                                                           2008
                                                      --------------

INCOME

    Sales                                             $    3,025,000
    Other Income                                      $       11,632

         TOTAL INCOME                                 $    3,036,632

COST OF GOODS SOLD

    Opening Inventory                                 $       78,195
    Add Purchases                                     $    1,635,000
    Add Freight-in                                    $      115,000
    Add Direct Labor                                  $      145,000
    Add Indirect Expenses                             $       52,000

    Inventory Available                               $    2,025,195
    Less Ending Inventory                             $     (643,195)

         COST OF GOODS SOLD                           $    1,382,000

GROSS PROFIT (LOSS)                                   $    1,654,632

EXPENSES

    Wages                                             $      300,000
    Contract Labor                                    $       50,000
    Rent                                              $       16,500
    Office Expenses                                   $       14,000
    Insurance                                         $       13,400
    Legal and Professional fees                       $       31,250
    Licenses and Fees                                 $       13,750
    Utilities                                         $       32,000
    Advertising                                       $       47,500
    Supplies                                          $       11,000
    Travel Expenses                                   $       22,500
    Vehicle Expenses                                  $       20,800
    Depreciation                                      $      250,820

TOTAL EXPENSES                                        $      851,520
                                                      --------------

NET PROFIT (LOSS)                                     $      803,112
                                                      --------------






                   WANDERPORT CORPORATION
                   STATEMENT OF CASH FLOWS
          For Seven Months Ended September 30, 2008
                       (Un-audited)
                   (Subject to Revision)


                                                       September 30,
                                                           2008
                                                      --------------

Cash flows from operating activities

    Net Profit                                        $      803,112
    Depreciation                                      $      250,820
  (Increase) decrease in operating assets:
    Accounts Receivable                               $     (707,664)
    Accounts payable                                  $      832,750
                                                      --------------

  Net cash provided (used) by operating activities    $    1,179,018

Cash flows from investing activities

    Cash paid for purchase inventory                  $     (565,000)
    Cash paid for purchase equipment                  $     (325,000)
    Cash paid for development software                $     (475,000)
    Cash paid for development furniture and
     leasehold improvement                            $      (12,000)

                                                      --------------

Net cash provided (used) by investing activities      $   (1,377,000)

    Cash received from issuing stock                  $       93,100
    Cash received from Investors                      $      512,911

Net cash provided (used) in financing activities      $      606,011

Increase (decrease) in cash during the period         $      408,029
Cash balance at the beginning of the period           $      443,403
Cash balance at the end of the period                 $      851,432




                     WANDERPORT CORPORATION
                  NOTES TO FINANCIAL STATEMENTS
            For Seven Months Ended September 30, 2008
                          (Un-audited)
                       (Subject to Revision)

1. GENERAL

The Corporation was organized on March 29, 2006 under the laws of the State of Delaware. The Corporation is in process to sell all its software Programming and all its Applications on an income percentage and royalties based on market conditions. The Corporation in return will secure regular incomes and without the need to invest additional resources.

With these regular new incomes, the Corporation is now focused on key investment opportunities namely in biotechnology companies, as well as various companies whose assets are owned by US banks.

The Corporation believes these initiatives will increase shareholder value and assure long term success of the Corporation.

2. BASIS OF PRESENTATION

The accompanying un-audited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America by the Issuer and in the opinion of management, include all adjustments consisting only of normal recurring accruals considered necessary to present fairly the Company's financial position at September 30, 2008 and the results of operations for the period ended September 30, 2008. Moreover, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

3. NATURE OF BUSINESS

The Corporation is an acquisition minded company focused on the purchase of assets from US banks to add to the Corporation's asset portfolio, as well as great investment opportunities in biotechnology companies in Israel.

The Corporation believes that the current market situation is an excellent setting for the acquisition of currently undervalued companies and/or assets with positive cash flow to secure the Corporation a strong future.

The Corporation also remains owner of all its specialized software.

4. INVENTORIES

Inventories, which include material and a small component of work-in-process labor and overhead, are stated at the lower of cost (first in, first out) or market (net realizable value).

5. SOFTWARE PROGRAMMING

WDRP Technology.

Wanderport, has built a currently commercial business around a seven year research and development program that has resulted in proprietary video compression (VCS), video streaming (VSS) and digital rights Software (DRS) technologies.

Wanderport technology significantly surpasses competitive technologies currently known to be in use in the market place.

Many third party tests have demonstrated that the use of WDRP technology yields streaming bit rates that are on average 20 times better and compression rates of 5 times better than the mainstream MPEG-4 and VC-1 technologies and their derivatives. These result in the ability to stream or buffering, and the ability to download DRS-protected video for later use (rental or purchase) many times faster than any competing technology.

Software Programming is recorded at cost including labor.

6. FURNITURE AND LEASEHOLD IMPROVEMENT

Furniture and leasehold improvement are recorded at cost. Maintenance and repair cost are expenses as incurred. Depreciation is providing using 20% per year.

COST:     $188 000     DEPRECIATION: $65 760      NET: $122 240

7. EQUIPMENT

Equipment is recorded at cost. Maintenance and repair cost are expensed as incurred. Depreciation is providing using 15% per year.

Equipment are recorded at cost. Maintenance and repair cost are expenses as incurred. Depreciation is providing using 15% per year.

COST:     $1 669 000     DEPRECIATION: $420 860     NET: $1 248 140

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