Wireless Age Communications, Inc.

Wireless Age Communications, Inc.

April 01, 2010 14:38 ET

Wireless Age Revises Settlement Terms

TORONTO, ONTARIO--(Marketwire - April 1, 2010) - Wireless Age Communications, Inc. ("Wireless Age" or the "Company") (PINK SHEETS:WLSA) announced that it has agreed to settle the balance owing to the receiver and trustee in bankruptcy (the "Trustee") of its former subsidiaries, Wireless Age Communications Ltd. ("Wireless Communications") and Wireless Source Distribution Ltd. ("Wireless Source") according to an initial agreement (the "Settlement Agreement") previously announced on October 5, 2009 and subject to regulatory approval.

Pursuant to the Settlement Agreement, Wireless Age agreed to pay Wireless Communications and Wireless Source a total of CAD$750,000 (the "Settlement Amount") to settle outstanding loans totaling approximately CAD$8.3 million provided by Wireless Communications and Wireless Source to the Company.

A sum of $150,000 has already been paid toward the initial Settlement Amount. The balance of the settlement of $600,000 is to be paid to the Trustee by September 30, 2010. Interest is payable at the rate of 10% per annum on the principal amount of the settlement as and from January 1, 2010, or so much thereof as remains outstanding from time to time.

John G. Simmonds, CEO of Wireless Age stated, "We are pleased that progress has been made on the Settlement Agreement with the Trustee of our former operating subsidiaries Wireless Communications and Wireless Source, where we were able to settle a debt of approximately CAD$8,300,000 with a cash payment of CAD$750,000." He added, "By revising settlement terms with the Trustee, we feel that we have taken significant steps forward in the best interests of minority shareholders to rebuild the Company upon a reorganized corporate structure and new strategic direction in the waste-to-energy industry."

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