WebTech Wireless Inc.
TSX : WEW

WebTech Wireless Inc.

August 23, 2007 14:30 ET

WebTech Wireless Announces Share Buyback Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 23, 2007) - WebTech Wireless Inc. (TSX:WEW), a provider of location-based and fleet Telematics services, today announced that the Toronto Stock Exchange ("TSX") has accepted notice of the Company's intention to optimize its capital structure through a share buyback program, by way of normal course issuer bid ("Bid"), of up to 1.2 million Common Shares of the Company, which, as of August 22, 2007, represents approximately two point zero six percent (2.06%) of 58,252,644 ordinary shares that the Company has issued and are outstanding as of today. The Company has allocated up to $3.9 million for the buyback. Purchases will be effected through the facilities of the TSX. Pursuant to TSX policies, daily repurchases will be limited to 62,972 Common Shares, other than block purchase exceptions. The Company will cancel shares purchased under the Bid. In the previous twelve months, the Company has not purchased any of its outstanding shares.

"After a thorough review of our financial situation, we concluded that a share buyback was an effective way to improve our capital structure, reduce our cost of capital and enhance our equity returns," said Anwar Sukkarie, President and Chief Executive Officer. "At April 30, 2007, the Company had a cash balance of over $25 million, no net debt and a substantial base of customers generating positive cash flow. Our shares are trading in a price range that does not reflect the value of the Company or our future business prospects."

The Bid will commence on August 27, 2007 and expire on August 26, 2008. The actual number of common shares purchased and the timing of such purchases will be determined by WebTech Wireless.

About WebTech Wireless Inc.

WebTech Wireless Inc. (TSX:WEW) is a global Telematics, location-based services provider that develops, manufactures, and delivers turnkey wireless solutions designed to improve productivity and profitability. WebTech Wireless products include wireless hardware and software services running on cellular and satellite networks, and include Automatic Vehicle Location, Mapping, Reporting, Vehicle Diagnostics, Driver Status, In-vehicle Telemetry, Messaging, In-vehicle Navigation, and wireless application and Internet connectivity. WebTech Wireless is currently providing devices and services worldwide in eight languages to over forty-one countries covering five continents. WebTech Wireless' scalable solutions are used by a broad range of small, medium and Fortune 500 companies and by governments. For more information, please visit www.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 responsibility for the adequacy or accuracy of this release.

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