WebTech Wireless Inc.

WebTech Wireless Inc.

January 20, 2010 16:30 ET

WebTech Wireless Announces Reversion to Canadian Dollar Reporting

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 20, 2010) - WebTech Wireless Inc. (TSX:WEW), a leading provider of vehicle fleet location-based services (LBS) and telematics technology, today announced that it will revert to reporting its financial results in Canadian dollars starting with the release of its results for the fourth quarter and year ended December 31, 2009. This reverses a decision announced in November 2009 to adopt US dollar reporting.

"The decision to adopt US dollar reporting was made based on the assumption that we would become a US dollar functional currency operating company in 2010 and thus be forced to report in US dollars under GAAP. We now believe that the Canadian dollar will continue to be our primary operating currency until at least 2011 or 2012, and have therefore decided to revert to Canadian dollar reporting," said Scott Edmonds, President & CEO of WebTech Wireless, adding, "We are also re-pricing some of our agreements with large international customers in Canadian dollars, which has the added benefit of reducing our foreign exchange exposure and volatility in our reported results."

"Members of the board and the audit committee discussed this change with management, our auditors and securities advisors before making the decision to revert to Canadian dollars, and all agreed it was a common sense decision, and one which the market would understand," said Peter W. Roberts, Chairman of the WebTech Wireless Audit Committee, adding, "The facts which led to our prior decision have changed, and we believe the market will appreciate the clarity and simplicity of reporting in Canadian dollars."

The Company will be releasing its financial results for the fourth quarter and year ended December 31, 2009 in mid-March.

About WebTech Wireless

WebTech Wireless Inc. (TSX:WEW) is a provider of vehicle fleet location-based services (LBS) and telematics technology. It develops, manufactures and supports end-to-end wireless solutions that improve the productivity, profitability, environmental compliance and safety of vehicle fleets. Its comprehensive suite of products and services include: Automatic Vehicle Location (AVL), mapping, vehicle diagnostics, CO2 reporting, navigation, messaging, and workforce management. The Company serves customers of all sizes in the transport, government, service delivery, insurance and OEM markets in over forty-one countries, including Fortune 500 companies. Specialized products include: Quadrant fleet management software, InterFleet® solutions for government, and NextBus® real-time passenger information services for public transit fleets. For more information, please visit www.webtechwireless.com.

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

Trademarks are the property of their owners.

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

Contact Information