Wireless Age Communications, Inc.

Wireless Age Communications, Inc.

October 29, 2009 14:16 ET

Wireless Age Receives Approval for Settlement

TORONTO, ONTARIO--(Marketwire - Oct. 29, 2009) - Wireless Age Communications, Inc. ("Wireless Age" or the "Company") (PINK SHEETS:WLSA) today announced that it has received court approval to complete an agreement (the "Settlement Agreement") with its former subsidiaries, Wireless Age Communications Ltd. ("Wireless Communications") and Wireless Source Distribution Ltd. ("Wireless Source").

Pursuant to the Settlement Agreement, Wireless Age agreed to pay Wireless Communications and Wireless Source a total of CAD$750,000 to settle outstanding loans totaling approximately CAD$8.3 million provided by Wireless Communications and Wireless Source to the Company. Further details of the Settlement Agreement can be found in the Company's press release dated October 5, 2009.

Gary N. Hokkanen, the Company's CFO stated; "The completion of the Settlement Agreement prior to December 31, 2009, will substantially improve the Company's balance sheet by eliminating a special CAD$8.3 million loss provision liability the Company accrued during fiscal 2008."

John G. Simmonds, Wireless Age CEO commented; "I am pleased that we have obtained court approval, so that we may proceed with finalizing our restructuring plans. We expect to disclose those steps 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 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