Wireless Age Communications Inc. Announces Update on Corporate Restructuring
TORONTO, ONTARIO, Nov. 23, 2010 (Marketwire) -- Wireless Age Communications, Inc. (PINK SHEETS:WLSA), ("Wireless Age" or "the Company") announced today that it is nearing the completion of restructuring activities and would like to update shareholders on the company's progress. Wireless Age also would like to make the disclosure that Chairman, President and CEO, John Simmonds, will undergo open-heart surgery within the coming weeks, with his expected recovery over the holidays.
Over the past year, Wireless Age has undergone significant restructuring including an agreement to settle debt between the company and subsidiaries, with the last installment of $600,000 potentially to be paid before year-end, which is in addition to the $150,000 already paid to the receiver, for total settlement of $750,000 for all outstanding debt, which previously totaled CAD $8.4 million (see press release June 11, 2010 09:17 ET).
Chairman, President and CEO, John Simmonds stated, "The settlement of this debt is instrumental to Wireless Age's restructuring as it will clean up the balance sheet, and is intended to be done in conjunction with the submission of audited financial statements of fiscal years 2008, 2009 and 2010 (submittal early 2011), allowing the company to qualify to list on the OTC Bulletin Board as a SEC fully reporting company." The company stated it intends to complete these actions along with a suitable name change of all appropriate businesses to provide a united front.
The company has successfully changed business direction with the acquisition of 70% of Sunbay Energy, a waste-to-energy company with advanced stage projects in Ontario and Quebec (see press release Jun 07, 2010 17:18 ET). Albert Pope was appointed CEO of Sunbay Energy by Wireless Age's board of Directors (see press release June 17, 2010, 08:49 ET). Mr. Pope has over thirty years of experience in international corporate finance and business management. He began his business career on Wall Street where he held senior positions at the Deltec Securities unit of Deltec Banking, and J.P. Morgan, where he was the officer responsible for Latin America within the Corporate Finance Division. Mr. Pope also served as President of Montenay Energy, the U.S. subsidiary of Montenay, S.A., a leading French company in energy and waste management.
Albert Pope, CEO of Sunbay Energy stated, "We look forward to advancing our current projects in Quebec and Ontario in the same manner in which we have since acquisition; by unlocking immediate acreative value for shareholders, through value conscious strategies, such as acquiring large parcels of land at little or no cost to the company, and developing vertical and horizontal synergies in the EPC and fabrication industries." "Many municipalities are recognizing Municipal solid waste (MSW) can be part of a solution, whereas before, MSW was considered a problem. North America is many years behind most of Europe and other parts of the world in terms of waste disposal solutions-which provides a unique and lucrative opportunity for a first mover to create modular solutions with a proven technology such as Sunbay."
In recent weeks, Wireless Age has also recently entered into a credit agreement with EnWise Power Solutions Inc. in which Wireless Age provided EnWise $50,000, allowing Wireless Age the option to convert the $50,000 secured note into a 60% ownership in EnWise Power Solutions Inc., upon approval from Ontario's Bankruptcy Insolvency Act Trustee (see press release Oct 14, 2010 11:56 ET).
Founded in 2006, the EnWise group of companies was developed with a commitment to building a culture of energy conservation by providing straightforward and affordable ways for homeowners to protect the environment, lower energy bills and improve the overall comfort of their homes. John G. Simmonds, Chairman, President & CEO, Wireless Age, stated, "It is our intention to provide EnWise with the resources to expand its business throughout Canada, and eventually the United States. EnWise also provides us with a developed brand and proven platform to expand our institutional energy solutions business in Canada, the USA, and then overseas." Peter Hwang, CEO, EnWise Power Solutions Inc., has over 12 years experience in asset backed finance, and was co-founder and Vice-President of Easy Lease Corp., a successfully asset backed financing and syndication company. Peter is also the founder of EnWise Power Solutions Inc.
With the following acquisition, and pending acquisition, Wireless Age has positioned itself as a growing leader in clean-tech, with a portfolio of companies with large potential upside and limited downside for shareholder returns due to the attractive relative value they were acquired for or proposed to be acquired for, in the eyes of management. John G. Simmonds, Chairman, President & CEO of Wireless Age stated, "2011 is shaping up to become one of the most exciting years for the company as deals close and the business plan is executed. Notwithstanding additional potential complimentary and value conscious acquisitions for the portfolio, the company has a great deal of work ahead, but with the team we have assembled I trust we can execute accordingly and be successful."
About Wireless Age:
Wireless Age brings together technologies and companies focused on innovative and cutting edge energy and environmental solutions. Business lines range from the marketing and installation of energy efficient household products, to the manufacture, and installation of waste handling and remediation systems, to the design and the development of waste to energy facilities. Wireless Age is positioned to benefit from the momentum building in the rapidly growing "green" and "renewable energy" marketplace.
Wireless Age has backstopped this strategy through the development of a seasoned management team with significant sales, marketing, operations and financial experience in the manufacturing, services and the renewable energy fields. This team also has demonstrated competencies in leading high growth companies and creating value for shareholders.
Wireless Age Communications, Inc. Chairman & CEO 905-833-2753 ext. 223
Source: Marketwire Canada (November 23, 2010 - 12:27 PM EST)
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