Wireless Age Communications, Inc.
OTC Bulletin Board : WLSA

Wireless Age Communications, Inc.

December 14, 2007 09:06 ET

Wireless Age Renegotiates Working Capital Debt

TORONTO, ONTARIO--(Marketwire - Dec. 14, 2007) - Wireless Age Communications (OTCBB:WLSA) ("Wireless Age" or the "Company") is pleased to announce that it has renegotiated the terms of its loan facility with TCE Capital Corporation.

Wireless Age and Newlook Industries Corp. ("Newlook") combined their businesses to create a new loan facility totaling CAD$2,500,000 (approximately US$2,475,000). The amended facility includes; 1) a new CAD$1,500,000 (US$1,485,000) 18% per annum, 3 year term loan and 2) the existing Wireless Age CAD$1,500,000 loan facility is reduced to CAD$1,000,000 (US$990,000). The effective annual interest rate on latter portion of the new facility is reduced from approximately 24.6% to approximately 17.9%. The term loan is interest only and may be retired 18 months into the term on 90 days notice subject to a CAD$75,000 (US$74,000) prepayment penalty.

Newlook trades on the TSX Venture Exchange in Canada under the symbol "NLI" and is the controlling shareholder of Wireless Age.

"We are extremely pleased to renegotiate our deal with TCE on substantially better commercial terms." stated John Simmonds Wireless Age CEO. "TCE stood steadfast with us through a tough period and we're grateful for their support. We plan to use the proceeds to finance anticipated acquisitions and other new initiatives. Through our relationship with Newlook we will manage our working capital more aggressively and thereby reduce our borrowing costs even further."

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 and CEO
    (905) 833-2753 ext. 223
    Website: www.thewirelessage.com
    or
    Andrew Barwicki
    Investor Relations
    (516) 662-9461