CHEYENNE, WYOMING, Aug 26, 2013 (Marketwired via COMTEX) -- US Wireless Online, Inc. (pinksheets:UWRL) (www.uswirelesscorporation.com) (the "Company") further to the Company's news releases of July 26 and August 22, 2013, the Company is pleased to report its forward guidance and moving forward plans.
On or about June 28, 2011 the Company completed a reverse split of 500-1. Our authorized shares were capped at 100,000,000 as of July 3, 2012. Our float is estimated to be 12,356,800 shares based on the internal records and the fact that neither registration statement nor any shares were issued by the Company. The company did issue 3 tranches of restricted stock totaling 86,065,205 in escrow in 2011 and 2012. Those shares still remain in escrow. The purpose of the 86 million share issuance was three fold. Firstly, to settle any and all outstanding debts that remains on the books (approximately $3 million dollars). Secondly, to develop an introductory broker (IB), with the outlook to buy an existing off-shore brokerage namely www.pointzerofx.com, and a cloud computing business. This is well under way (See news dated December 4, 2012). PointZeroFX, a Seychelles-based financial company and an wholly owned subsidiary of USA based US Wireless Inc Ticker Symbol UWRL quoted on OTC Markets, is pleased to announce that PointZeroFX has successfully launched its test trading platform. Today, UWRL is a full time IB representing pointzerofx.com. Lastly, the balance of the stock is targeted to secure a merger with India IT company www.keytechnolabs.com. This merger was completed as per the previous announcement of July 26 and August 22, 2013.
The Company is using this opportunity to address other corporate matters that may be of interest to our loyal followers, and FAQ from our followers. The Company is aware that some Company critics may be disseminating certain disinformation about the Company activities on various Internet chat boards. To that end, the Company management comments as follows. The ex-management (Circa 2007) and ex-operating subsidiaries of UWRL were and may still be target of certain civil proceedings. UWRL has not been named nor does it expect to be. This action has nothing to do with UWRL. A default judgment of about $2.5 million against UWRL may be null and void for several reasons. One the "creditor" has been sanctioned by US authorities and second reason is the creditor appears to be out of business. The Company is of the opinion that if and any creditor comes forward with this debt, the same is expected to be settled at approximate pennies on the dollar. Obviously, should the Company settle, the escrow stock will return back to the treasury. All of this activity has created an "overhang" which prevented the Company to subscribe to OTC Markets. The Company is of the opinion that OTC Markets may finally lift this sanction. This opinion is based upon the recent invitation received by the Company from OTC Markets that will allow UWRL to commence its alternative reporting.
In 2012 the Company has also redomiciled to Wyoming from Nevada. As previously announced in a news release of May 28, 2013 the company has changed its name to Mercor Portfolio, Inc with State of Wyoming. The Company continues to trade under the ticker UWRL as the management is well under way of furnishing FINRA with documents they requested from the Company and the transfer agent to complete the switch over, to the new name and symbol.
The new board, officers and Directors will be named on the Wyoming site and filed accordingly very shortly. The Company will be answering all shareholders concerns directly via new contact email address [email protected] The Company expects to settle accounting with the Transfer Agent and submit its share structure to FINRA shortly. The Company is of the opinion that the unstable share price fluctuation seen recently is a one-time event for the reasons which are apparent on their face.
With the aforementioned re-organization and restructuring complete, the management sees a bright and positive future ahead as it ventures further into the cloud computing area space which has seen the market grow from $964 million in 2010 to $3.9 billion in 2013.
More details will follow on a timely and frequent basis.