Wireless Age Communications Inc.

September 09, 2011 10:25 ET

Wireless Age Files Second Quarter 2011 Financial Statements

TORONTO, ONTARIO--(Marketwire - Sept. 9, 2011) - Wireless Age Communications, Inc. (PINK SHEETS:WLSA), ("Wireless Age" or "the Company") announced today its unaudited earnings for the interim period ended June 30, 2011.

"We are pleased with our revenues of $687,644 of for the second quarter of 2011 and nearly $1.4 million for the first six months of the year," stated, John G. Simmonds, Chairman & CEO. The second quarter financial statements bring all reporting up-to-date for Wireless Age and it is our intention to prepare and file formal documents with the SEC to restore our full reporting status. The second quarter has been extremely productive for the Company with the addition of the Advisory Board and its highly qualified members. We look forward to keeping shareholders up to date with corporate happenings as we continue to move forward and execute on our business plan."

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.

Financials Charts Follow:
(Stated in US Dollars)


June 30,

December 31,

Marketable securities $ 857,475 $ 831,520
Receivables 240,855 -
Inventory 19,102 -
Prepaid expenses 106,540 37,789
Investment -deposit - 49,760
Total assets 1,223,972 919,069
Property and equipment 89,029 43,031
Due from related parties 2,061,025 2,472,751
Investments 240,080 -
Goodwill 25,048 -
$ 3,639,154 $ 3,434,851
Bank indebtedness $ 113,695 $ 52,321
Accounts payable and accrued liabilities 1,285,929 837,768
Taxes payable 42,382 54,990
Accrued special provision 6,509,625 6,714,880
Due to related parties 1,006,186 797,034
Unissued share liability 191,121 -
9,148,938 8,456,993
June 30, 2011: nil issued and outstanding - -
Common stock, $0.001 par value: 100,000,000 shares authorized
June 30, 2011: 69,516,592 shares issued and outstanding 69,517 65,767
Additional paid-in capital 16,606,599 16,245,349
Treasury stock 24,353 24,352
Accumulated deficit (22,401,247 ) (21,568,608 )
Accumulated other comprehensive income 190,994 210,998
(5,509,784 ) (5,022,142 )
$ 3,639,154 $ 3,434,851
For the three and six months ended June 30, 2011
(Stated in US Dollars)
Three months Six months
ended ended
June 30, 2011 June 30, 2011
Revenue $ 687,644 $ 1,390,564
Cost of goods 559,828 989,945
Gross profit 127,816 400,619
Operating expenses
Selling and administrative 795,880 1,473,757
Amortization 7,831 16,349
Total operating expense 803,711 1,490,106
Loss from operations (675,895 ) (1,089,487 )
Other expenses (income)
Interest expense 11,267 35,731
Foreign exchange (gain) 21,870 (292,579 )
Total other expense (income) 33,137 (256,848 )
(Loss) before income taxes (709,032 ) (832,639 )
Income taxes - deferred and current - -
Net (loss) $ (709,032 ) $ (832,639 )
Earnings per share:
Earnings per share - basic and diluted $ (0.010 ) $ (0.012 )
Weighted average number of common shares outstanding:
Basic and diluted 68,829,779 67,306,647

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