Wireless Age Communications, Inc.

Wireless Age Communications, Inc.

June 29, 2009 15:33 ET

CORRECTION: Wireless Age Reviews Renewable Energy Development Opportunity

TORONTO, ONTARIO--(Marketwire - June 29, 2009) - In the release issued at 1:02PM ET JUNE 29, 2009, the stock exchange for Wireless Age Communications, Inc. was listed incorrectly. Wireless Age trades on the PINK SHEETS not the OTCBB. The complete and corrected release follows.

Wireless Age Communications, Inc. (PINK SHEETS:WLSA) ("Wireless Age" or "the Company") announced today that following the disposal of all of the assets of its subsidiaries Wireless Age Communications Ltd. and Wireless Source Distribution Ltd. and while progress is being made with the finalization of the bankruptcy proceedings of the entities, the Company has begun to negotiate the acquisition of certain rights to plasma gasification opportunities in North America.

Plasma gasification is an energy recovery process based on conversion technology with high energy output and best-of-class environmental performance. The counter-party to the negotiations is a development company with strategic investments in various global energy projects and to date its development holdings are based on a focused model and project design:

- Energy recovery from plasma enhanced gasification;

- Electricity sales in long-term power purchase agreements;

- Tipping fee revenue.

The projected commercial implications of these exclusive plasma gasification development opportunities are based on long-term power purchase agreements (certainty of long-term revenue) and long-term feedstock arrangements (contracts for municipal solid waste).

The counter-party has implemented exclusive developer agreements for multiple energy recovery facilities in Canada and has also been pursuing renewable energy development ventures in the United States.

John G. Simmonds, CEO of Wireless Age stated; "It is now time to start talking about the rebirth of the Company. The global financial crisis and the events forced upon us by our former business partners earlier this year have made negotiating a go-forward plan long, slow and arduous. However, we believe that we are far enough down the road to make some of our intentions public. We believe that renewable energy opportunities may be financed and developed even during these difficult times. Our mandate is to define the parameters of these opportunities, to assemble a new team and to restore the Company to a stronger trading platform. Although it will take some time, we believe that eventually confidence will be restored and remaining shareholders will be rewarded for their patience."

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