Wireless Age Communications, Inc.

Wireless Age Communications, Inc.

November 18, 2009 17:16 ET

Wireless Age Provides Update on Newlook Discussions

TORONTO, ONTARIO--(Marketwire - Nov. 18, 2009) - Wireless Age Communications, Inc. ("Wireless Age" or the "Company") (PINK SHEETS:WLSA) and its controlling shareholder Newlook Industries Corp. ("Newlook") (TSX VENTURE:NLI) confirmed today they plan to complete a transaction whereby the ownership interest by Newlook in Wireless Age will be severed and the intercompany debt between the parties is settled.

On July 13, 2009, Wireless Age and Newlook announced that they were negotiating the terms of a debt settlement. Although specific details of the proposed transaction are not yet fully defined, the companies intend to settle a loan of approximately CAD$6,300,000 provided by Wireless Age through Newlook's transfer of certain assets, issuance of Newlook treasury common stock, return for cancellation of a part of Newlook's investment in the Company, payment of cash and loan forgiveness for the balance.

John G. Simmonds, CEO of Wireless Age stated, "Recently Wireless Age negotiated a settlement with the receiver and trustee of our former operating subsidiaries Wireless Age Communications Ltd. and Wireless Source Distribution Ltd. where we are able to settle a debt of approximately CAD$8,300,000 with a cash payment of CAD$750,000. In our negotiations, we felt that it was in the best interests of minority shareholders to obtain the bulk of Newlook's assets as consideration, along with sufficient cash from Newlook to settle with the receiver and trustee."

The settlement transaction will be subject to independent director, disinterested shareholder and regulatory approvals. Wireless Age intends to seek approval for the transaction as well as a proposed renewable energy strategy for the Company.

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