Wanderport's Technical Advisor Continues Efforts Toward Product Completion as per CEO's Update to Shareholders
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Press Release Source: Wanderport Corporation On Thursday July 22, 2010, 8:00 am EDT
NEW YORK, NY--(Marketwire - 07/22/10) - Wanderport Corp. (Pinksheets:WDRP - News) announced today its update to valued shareholders following recent discussions held in Florida. Management also wishes to dispel and comment on certain questions and conspiracy theories brought to our attention by investors surrounding the company.
LATEST DEVELOPMENTS, NOTES OF INTEREST AND ANSWERS TO RECENT REQUESTS AND INQUIRIES
Since sales channels are established in anticipation of the microwave tank-less water heater and in an ongoing effort to reduce overhead, Barry Somervail has resigned as VP of Sales since March 23, 2010. Most overhead costs and expenses (although low) have been absorbed personally and are being accrued until the company has revenues.
Share structure has not changed and is available on www.pinksheets.com
Please note that Wanderport's technical director and product licensor, Mr. Robert Simoneau's prior or present business endeavors are not and have never been affiliated to the agreement with Wanderport and do not nor will not affect the outcome of this project. Also, Wanderport's previous cancelled transactions are not related to present management.
Product analysis is conducted at our licensor's personal place of business, in addition to other third party testing facilities. Wanderport prefers not to allow facility visits in order to protect proprietary technology and our licensor's right to privacy.
Please note that the news release dated March 12, 2010 with the heading "Wanderport Ready for Mass Production" was a repetition of the news release of March 11, 2010 with the heading "Wanderport and Xiamen Primo Electronics Co., Ltd. Beta-Ready With Factory Approved Controller Design Scalable for Mass Production" referring to the mass production of the specially designed controller. As a clarification, the March 12th heading was inadvertently misinterpreted. We apologize for any confusion.
In our efforts to promote transparency, Wanderport has proposed a conference call which may only accommodate a handful of investors. Whether or not to hold this conference call remains to be determined and will depend on its timing as well as the fact that Wanderport prefers not to be held responsible or accused of handpicking participants and prejudicing others.
PRODUCT UPDATE
Testing now confirms functional scalable hardware in the water-cooled magnetron, controller and thermal sensor. Analysis is now focused on functionalizing the new heat exchanger patent pending technology and working with Midea (already one of our Asian suppliers) to supply a high voltage drive design of a modular unit. These will most likely involve another visit to Asian factories to walk their facilities and review each of their options in order to make the proper selection. Concerning ancillary hardware and housing, Mr. Simoneau has already received an offer from a Canadian technological institute wishing to remain anonymous.
Consequently, product analysis has moved us closer to finalizing a prototype; however, decisions remain as to whether we take our findings to a known Asian factory for completion, risking our proprietary technology, or continue our own testing and development at a slower pace. There is also a remote possibility of entrusting it with a North American firm (pending their capabilities), but this will still involve Asian factories to supply the specially designed components already sourced and mentioned in our website. These alternatives are being studied to determine the quickest and most beneficial and feasible, cost effective method to finalize the prototype while protecting our intellectual property. More on this soon.
Regarding product developmental delays, Mr. Simoneau is quoted as follows: "We are aware that there is a lot of impatience regarding the microwave heating unit. Please understand that we won't allow the perception of where we are with the project by the market, investors or newspaper reporters to dictate our efforts or direction. If the market seems to think we should be further ahead, then it must be more reasonable in its timeline expectations. We are working diligently and have done a lot so far toward supplying a market enabling product using the proprietary technology. Please understand that products, even of limited complexity, take time and this is not a simple product. We suggest expectations be managed accordingly as we continue to target a prototype in the reasonable future."
About Wanderport Corporation: Wanderport Corporation is a holding and business development company making investments, acquiring licenses and deployment of environmentally friendly "Green" technologies such as, primary alternative, renewable energy and energy saving products namely Pulsar's microwave energy tank-less water heater, which reduces water and energy consumption as well as global dependence on oil. Pulsar Advanced Technologies Inc. was the proud recipient of the 2005 TIPTA award (TCA; Toronto Construction association, Innovative Product and Technology Award), recognizing excellence in innovation in product or technology development, or its application of its microwave energy tank-less water heater.
Important Information About Forward-Looking Statements: Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services to be offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating efforts.
Visit Wanderport Corporation at: www.wanderport-ir.com
