SOURCE: Worldwide Strategies

October 27, 2009 09:10 ET

Worldwide Strategies, Inc. Releases Update on Pending Merger Featuring Enhanced PPS Potential With No Fundraising Planned for South American Operation

DENVER, CO--(Marketwire - October 27, 2009) - Worldwide Strategies, Inc. (OTCBB: WWSG) today released an update on a previously announced merger transaction anticipated by year end. As a result of the anticipated transaction, Worldwide would have an operation in Brazil with approximately $20 million in annual revenue, and Worldwide customers would include corporations such as Wal-Mart Brazil, Hitachi and Embraer. CEO James Samuels released a letter to shareholders on Friday, October 23, 2009 providing an update on the pending transaction. A link to the letter to shareholders is: http://finance.yahoo.com/news/Wordwide-Strategies-Inc-iw-2796796043.html?x=0&.v=1

Following strategic meetings last week outlined in Mr. Samuels' letter to shareholders, the transaction is on a fast track.

"The next-step follow-ups outlined in last week's meetings have all, without exception, been promptly engaged," said Mr. Samuels. "I am optimistic about a timely closing, and I am even happier to include in my update that we have confirmed the target operation's operational ability to sustain operations without additional financing. I am eager to avoid financing while Worldwide is listed on the OTCBB. We intend to move as quickly as possible toward a national exchange listing. Without a need for capital for the target operation in the merger transaction, our ability to realize the share price increase necessary to meet a national exchange listing requirement is enhanced."

About Worldwide Strategies, Inc.

Worldwide Strategies, Inc. is a development tool stage business that has built a proprietary affinity marketing process and system to provide clients with outsourced services including multi-language capabilities. The affinity market business has signed several substantial contracts but has not established significant revenue.

"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements that involve risks and uncertainties. The statements in this release are forward-looking statements that are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making investment decisions.

Contact Information

  • Contact:
    Worldwide Strategies, Inc.
    303-991-5887