WebTech Wireless Inc.

WebTech Wireless Inc.

November 03, 2009 04:00 ET

WebTech Wireless Announces Adoption of US Dollar Reporting and Schedules Q3 Conference Call

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 3, 2009) - WebTech Wireless Inc. (TSX:WEW), a leading provider of vehicle location-based and fleet telematics services, announces that it has adopted the US dollar as its reporting currency for financial statement purposes. The adoption of the US dollar is effective immediately and will be reflected in the Company's third quarter results ended September 30, 2009, scheduled for release on November 12, 2009.

Scott Edmonds, Chief Financial Officer of WebTech Wireless, said, "We've been considering this move for some time and decided that now was the time to make the change. An increasing percentage of our total sales and operations are denominated in US dollars and our expansion plans will increase this exposure. Now with the integration of Grey Island and their large percentage of US dollar operations, we foresaw the inevitability of the US dollar becoming our functional currency as defined by GAAP, and thought it best to make the change proactively. This change also allows us to plan and budget for 2010 in the new currency, easing the adoption of the change across both companies." Edmonds continued, "Additionally, when we look at our peer group, we're one of the few issuers not reporting in US dollars, so this change aligns with our strategy of positioning ourselves against our peers, and will assist us in delivering our story to targeted investors and analysts in the US."

The Company is also announcing that it is scheduling a conference call for November 12, 2009 at 5pm Eastern Time, 2pm Pacific Time to discuss its results for the three months ended September 30, 2009.

Interested parties may participate in the call by dialing 1-800-915-4217 or (212) 231-2900 (for international callers). The conference call will be archived on the Company's website at webtechwireless.com.

About WebTech Wireless Inc.

WebTech Wireless Inc. (TSX:WEW) is a global telematics and location-based services provider that develops, manufactures and delivers end-to-end wireless solutions designed to improve the productivity, profitability and safety of vehicle fleets. WebTech Wireless products and services run on GPS and cellular networks and provide Automatic Vehicle Location, Mapping, Reporting, Vehicle Diagnostics, Driver Status, In-vehicle Telemetry and Navigation and Messaging. The Company delivers products and services in over forty-one countries to a variety of small, medium and Fortune 500 companies, with a particular focus on the transport, service delivery, government and automotive markets. For more information, please visit webtechwireless.com.

Forward Looking Statements

This press release contains forward-looking statements involving risks and uncertainties pertaining to, but not limited to product plans, timing, content, and pricing of products, market and industry expectations, the wireless communications industry, the mobile fleet industry, and general economic and political conditions. Given the risks and uncertainties inherent in the markets and industries referred to in this press release, WebTech Wireless cannot guarantee that any forward looking statements will be realized.

Trademarks are the property of their owners.

The Toronto Stock Exchange does not accept responsibilityfor the adequacy or accuracy of this release.

Contact Information