Wireless Age Communications, Inc.
OTC Bulletin Board : WLSA

Wireless Age Communications, Inc.

March 04, 2008 08:49 ET

Wireless Age Provides February Update

TORONTO, ONTARIO--(Marketwire - March 4, 2008) - Wireless Age Communications, Inc. (OTCBB:WLSA), ("Wireless Age" or the "Company") announced that February 2008 revenues were approximately CAD$3.1 million and that it has acquired 87,300 shares of its own common stock for cancellation during the month.

Revenues for February 2008 were CAD$3.1 million, up 42% from $2.2 million in the prior year. Retail segment revenues were approximately $1.5 million, up 34% from $1.1 million in February 2007. Commercial segment revenues grew approximately 50% to $1.6 million in February 2008, from $1.1 million in the prior year.

In addition, the Company acquired a further 87,300 of its common stock during the month under a stock repurchase plan at an average share price of US$0.315 per share. The Company previously informed shareholders it intends to acquire up to 5,000,000 shares under a Rule 10b-18 stock repurchase plan during calendar 2008. To date, including private transactions outside of the Rule 10b-18 plan, the Company has acquired a total of 778,800 shares of common stock for cancellation at an average price of US$0.205 per share.

John G. Simmonds, Wireless Age CEO stated, "It is indeed good news that the Company experienced an increase in sales over January. Typically, seasonal fluctuations affect performance at this time of year and to be running consistently at over CAD$3 million bodes well for a significantly strong fiscal 2008."

About Wireless Age

Wireless Age Communications, through its 99.7% owned subsidiary, Wireless Age Communications Ltd., is in the business of operating retail cellular and telecommunications outlets in cities in western Canada. Through its other wholly owned subsidiary, Wireless Source Distribution Ltd., the company distributes two-way radio products, prepaid phone cards, wireless accessories and various battery and ancillary electronics products in Canada.

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.

Contact Information

  • Wireless Age Communications, Inc.
    John G. Simmonds
    Chairman & CEO
    (905) 833-2753 ext. 223
    or
    Andrew Barwicki
    Investor Relations
    (516) 662-9461