Wireless Age Communications, Inc.

Wireless Age Communications, Inc.

March 31, 2010 18:47 ET

Wireless Age Announces Settlement With Gamecorp

TORONTO, ONTARIO--(Marketwire - March 31, 2010) - Wireless Age Communications, Inc. ("Wireless Age" or the "Company") (PINK SHEETS:WLSA) announced that as part of an overall restructuring, the Company and Gamecorp Ltd. ("Gamecorp") (CNSX:GGG)(OTCBB:GAIMF) have agreed to a settlement (the "Settlement Agreement") between the two parties. 

As part of the Settlement Agreement, Gamecorp has agreed to transfer 2,200,000 of the issued and outstanding common shares of Newlook Industries Corp. (TSX VENTURE:NLI) it currently owns, representing an approximate 7% stake in the company. 

Additionally, Wireless Age will be receiving 4,690,000 of the issued and outstanding common shares of Gate To Wire Solutions, Inc. (OTCBB:GWIR) that Gamecorp owns, which represents an approximate 17% ownership stake. Wireless Age will also receive a note receivable from Gate To Wire Solutions as part of the Settlement Agreement with Gamecorp. The Company will explore various options to maximize its interests through these equity and debt positions in the near term.

The transaction is subject to requisite regulatory and corporate approvals. Gamecorp is a related party to Wireless Age.

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.

Contact Information

  • Wireless Age Communications, Inc.
    John G. Simmonds
    Chairman & CEO
    905-833-2753 ext. 223