Wireless Age Communications, Inc.

Wireless Age Communications, Inc.

October 14, 2010 11:56 ET

Wireless Age Enters Into Agreement With EnWise Power Solutions Inc.

TORONTO, ONTARIO--(Marketwire - Oct. 14, 2010) - Wireless Age Communications, Inc. (PINK SHEETS:WLSA), ("Wireless Age" or "the Company") announced today that it has entered into an Agreement with EnWise Power Solutions, Inc., ("EnWise" or "the Company").

Founded in 2006, the EnWise group of companies was developed with a commitment to building a culture of energy conservation by providing straightforward and affordable ways for homeowners to protect the environment, lower energy bills and improve the overall comfort of their homes. EnWise is a privately held company located in Toronto, Ontario

As part of the consideration, Wireless Age has registered a General Security Agreement and has entered into a Credit Agreement with EnWise. In consideration for entering into this Credit Agreement, EnWise will grant to Wireless Age the option of converting the amount outstanding under the Credit Agreement into a 60 percent equity interest in EnWise on a fully diluted basis.

John G. Simmonds, Chairman & CEO of Wireless Age stated, "It is our intention to provide EnWise with the resources to expand its business throughout Canada, and eventually the United States. EnWise also provides us with a developed brand and proven platform to expand our institutional energy solutions business in Canada, the USA, and then overseas."

Peter Hwang, Chairman & CEO of EnWise stated, "The management team at EnWise has worked very hard over the past 24 months to bring EnWise to a level of profitability through very difficult economic conditions. Through diligent restructuring efforts, we have proven that the EnWise platform for providing simple ways for individuals to save on their energy costs is a viable one. The partnership with Wireless Age provides us the resources to expand our business and grow our company significantly in the very near future."

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 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 sales and control expenses, especially on a quarterly basis; unexpected decline in sales 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 SEC filings. Wireless Age 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's SEC filings.

Contact Information

  • Wireless Age Communications, Inc.
    John G. Simmonds
    Chairman & CEO
    905-833-2753 ext. 223