InvestorsHub Logo
Followers 278
Posts 16774
Boards Moderated 1
Alias Born 07/19/2008

Re: Hedge Starz post# 798

Friday, 08/07/2009 11:15:14 AM

Friday, August 07, 2009 11:15:14 AM

Post# of 9501
Once the acquisition closes, more interest may be directed towards the publicly traded Wireless Age Communications, Inc., given their controlling interest in Sunbay Port Hope and numerous other plasma gasification projects yet to be announced.

Wireless Age to Enter Plasma Gasification Sector.
TORONTO, ONTARIO--(Marketwire - July 22, 2009) - Wireless Age Communications, Inc. (PINK SHEETS:WLSA), ("Wireless Age" or "the Company") announced today that it has entered into a letter of intent with PowerPlay Energy Corp. ("PowerPlay") and Sunbay Energy Corp. ("Sunbay") to acquire the exclusive rights to develop Sunbay plasma gasification opportunities in the United States of America (the "USA Rights") and to acquire 60% of the issued and outstanding shares of Sunbay Port Hope Inc. ("Sunbay Port Hope"). Closing of the transaction is scheduled for July 31, 2009.

The Company has agreed to acquire the USA Rights and control of Sunbay Port Hope in exchange for seven million five hundred thousand (7,500,000) common shares of Newlook Industries Corp ("Newlook") and approximately $270,000 US in cash and forgiveness of debt. The Company will also enter into a management services agreement with PowerPlay to utilize the expertise of Mr. Jordan Oxley and his team. Mr. Oxley has over 7 years experience in clean energy development and he will become an integral part of the Wireless Age management team moving forward.

Sunbay Port Hope was organized to pursue a Sunbay biomass plasma gasification project in Port Hope, Ontario, Canada. Sunbay has entered into an exclusive developer agreement with Europlasma SA for Canada.

John G. Simmonds, CEO of Wireless Age stated; "We believe that renewable energy projects are extremely timely and will generate above average returns for shareholders. The Port Hope biomass project has been funded by Newlook, our controlling shareholder so we're well aware of what's necessary to make that project a success. We are in final stage discussions with potential new business partners and we plan to make known our plans for the United States market shortly. We also expect that Wireless Age and Newlook will complete our previously announced restructuring of debt as well as a name change for Wireless Age. The Port Hope project alone should provide Wireless Age with over $2M in net income once it is operational."


Click to visit us for overlooked trading & undervalued investing ideas.

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.