WebTech Wireless Inc.
TSX : WEW

WebTech Wireless Inc.

November 28, 2008 16:00 ET

WebTech Wireless Announces Completion of Stock Option Cancellation Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 28, 2008) - WebTech Wireless Inc. (TSX:WEW), a leading provider of location-based and fleet telematics services, announces that it has completed a voluntary stock option cancellation program offered to all holders of stock options with an exercise price of $2.55 per share and above.

Under the terms of the program, options to acquire an aggregate of 2,301,014 common shares were voluntarily surrendered for cancellation by the holders. Following this cancellation, there are a total of 1,534,976 options outstanding with strike prices ranging from $0.47 to $1.50.

"With recent market turmoil and the related drop in our share price, this cancellation program provides management with the flexibility to issue incentive options to our staff in the future, without creating further dilution to our shareholders. This not only reduces our ongoing Stock Based Compensation expense, but creates a further shareholder benefit, as future grants will likely carry a lower cost per option than those cancelled," said Scott Edmonds, WebTech Wireless' CFO.

About WebTech Wireless Inc.

WebTech Wireless Inc. (TSX:WEW) is a global Telematics, location-based services provider that develops, manufactures, and delivers turnkey wireless solutions designed to improve productivity and profitability. WebTech Wireless products include wireless hardware and software services running on cellular and satellite networks, and include Automatic Vehicle Location, Mapping, Reporting, Vehicle Diagnostics, Driver Status, In-vehicle Telemetry, Messaging, In-vehicle Navigation, and wireless application and Internet connectivity. WebTech Wireless is currently providing devices and services worldwide in eight languages to over forty-one countries covering five continents. WebTech Wireless' scalable solutions are used by a broad range of small, medium and Fortune 500 companies and by governments. For more information, please visit www.webtechwireless.com.

Forward Looking Statements

This press release contains forward-looking statements involving risks and uncertainties pertaining to, but not limited to product plans, timing, content, and pricing of products, market and industry expectations, the wireless communications industry, the mobile fleet industry, and general economic and political conditions. Given the risks and uncertainties inherent in the markets and industries referred to in this press release, WebTech Wireless cannot guarantee that any forward looking statements will be realized.

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The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

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