Wireless Age Communications Inc.

Wireless Age Communications Inc.

December 15, 2011 11:17 ET

Wireless Age Files Third Quarter 2011 Financial Statements

TORONTO, ONTARIO--(Marketwire - Dec. 15, 2011) - Wireless Age Communications, Inc. (PINKSHEETS:WLSA) ("Wireless Age" or "the Company") announced today its unaudited earnings for the interim period ended September 30, 2011.

"We are pleased with our revenues of $3,522.669 for the third quarter of 2011 and over $4.9M for the first 9 months of the year," stated John G. Simmonds, Chairman & CEO. The third quarter financial statements bring all reporting up to date for Wireless Age. We fully expect to start an audit in January 2012 and file audited December statements with the Securities Exchange Commission.

About Wireless Age Communications:

Wireless Age brings together technologies and companies focused on innovative and cutting edge energy and environmental solutions. Business lines range from the marketing and installation of energy efficient household products, to the design, manufacture, and installation of waste handling and remediation systems. Wireless Age is positioned to benefit from the momentum building in the rapidly growing "green" and "renewable energy" marketplace.

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.

(Stated in US Dollars)
ASSETSSeptember 30, 2011 December 31, 2010
Marketable securities$139,226 $831,520
Receivables, less allowance of $76,320 for September 30, 2011 3,003,645 -
Inventory 340,683 -
Prepaid expenses 82,450 37,789
Investment -deposit - 49,760
Total current assets 3,566,004 919,069
Property and equipment 76,261 43,031
Due from related parties 183,082 2,472,751
Investments 1,365,648 -
Goodwill 25,048 -
$5,216,043 $3,434,851
Bank indebtedness$295,185 $52,321
Accounts payable and accrued liabilities 3,205,733 837,768
Taxes payable 26,174 54,990
Accrued special provision - 6,714,880
Due to related parties 437,811 797,034
Short-term debt 123,483 -
Unissued share liability 270,447 -
4,358,833 8,456,993
Provision for income tax 476,800 -
Long-term debt 1,310,606 -
6,146,239 8,456,993
June 30, 2011: nil issued and outstanding - -
Common stock, $0.001 par value: 100,000,000 shares authorized
June 30, 2011: 91,016,592 shares issued and outstanding 91,017 65,767
Additional paid-in capital 17,686,997 16,245,349
Treasury stock - 24,352
Accumulated deficit (18,955,566) (21,568,608)
Accumulated other comprehensive income 247,356 210,998
(930,196) (5,022,142)
$5,216,043 $3,434,851
For the three and nine months ended September 30, 2011
(Stated in US Dollars)
Three months Nine months
ended ended
September 30, 2011 September 30, 2011
Revenue$3,522,669 $4,913,233
Cost of goods 2,896,880 3,886,825
Gross profit 625,789 1,026,408
Operating expenses
Selling and administrative 965,837 2,439,594
Amortization 11,246 27,595
Total operating expense 977,083 2,467,189
Loss from operations (351,294) (1,440,781)
Other expenses (income)
Interest expense 113,018 148,749
Foreign exchange loss (gain) 264,761 (27,818)
Loss on disposal of shares 118,510 118,510
Gain on settlement (5,708,694) (5,708,694)
Total other expense (income) (5,212,405) (5,469,253)
Gain before income taxes 4,861,111 4,028,472
Income taxes - deferred and current - -
Net gain$4,861,111 $4,028,472
Earnings per share:
Earnings per share - basic and diluted$0.057 $0.054
Weighted average number of common shares outstanding:
Basic and diluted 85,233,983 74,424,776

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