Fireswirl Technologies Inc.

Fireswirl Technologies Inc.

December 18, 2006 13:50 ET

Fireswirl Technologies Signs Letter of Intent to Acquire Intellectual Property for Translating Mobile Text Messages

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 18, 2006) - Fireswirl Technologies Inc. (TSX VENTURE:FSW) ("Fireswirl") has entered into a letter of intent with Living Stone Consultants Limited ("LSCL") to acquire intellectual property for translating mobile text messages (patent pending) ("IP"). The IP enables real-time translation between multiple languages using mobile phones as the primary medium. It allows translation to be completed on and between virtually any type of mobile phone (GPRS and non-GPRS).

The purchase of the IP is subject to, among other things, Fireswirl completing due diligence and entering into a definitive purchase agreement. The closing of the transaction is anticipated to be on or before February 28, 2007. The letter of intent currently proposes that LSCL would receive 50 percent of the first US$8 million of associated operating cash flow generated by the IP, and 15 percent of any operating or licensing cash flow thereafter. There is no assurance that the transaction will be completed on such terms or at all.

"We are positioning Fireswirl to take advantage of the emerging demand for mobile commerce," says Dale Peterson, Fireswirl's CEO. "The market for electronic language translations is exploding as business and social encounters become more and more global. Fireswirl plans to bundle the IP with some of the company's existing technology and introduce a short message service (SMS) translator initially to Asian markets."

"This technology is a natural fit with our present multi-language, multi-currency, and text messaging capabilities," adds Tony Lau, Fireswirl's CTO. "We're excited about the opportunity to introduce a Fireswirl-branded mobile translator to the market as early as spring 2007."

About Fireswirl Technologies Inc.

Fireswirl Technologies Inc. (TSX VENTURE:FSW) engineers electronic and mobile commerce solutions for content providers. The company's technology has broad applications for those requiring multiple payment interfaces, multi-currency and multi-language capabilities. It can be adapted to any industry seeking high volume or micro-payment solutions involving a wide base of users.

Forward-Looking Statements

This news release contains certain forward-looking statements that reflect the current views and/or expectations of Fireswirl with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to risks associated with foreign countries, changes in laws and regulations, proprietary protection, dependence on market growth, foreign exchange fluctuations, regulatory requirements and dependence on the internet and system infrastructure. These risks, as well as others, could cause actual results and events to vary significantly. Fireswirl does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information

  • Fireswirl Technologies Inc. - Head Office
    Dale Peterson
    (604) 685-9555 ext. 230
    (604) 605-0633 (FAX)
    Fireswirl Technologies Inc.
    Keir Reynolds
    Investor Relations
    (604) 684-4743 ext. 231 or Toll Free: 1-866-684-4743