THIS IS A RE-POST from the August M D and A statement where the Innovation Solutions transaction was reversed.
The High Light reel from the MD&A This is a nightmare.
Innovation Solutions
As well, Innovative Solutions Inc. has the opportunity to earn an additional 2.5 million warrants in Wireless Age if a $10 million revenue performance target is met.Subsequent to June 30, 2011 the
agreement with Innovative Solutions Inc. has been reversed.
Fanotech Manufacturing
As part of the conditions for the CNSX listing, the Company must complete the acquisition of Fanotech Manufacturing Group.The closing was to take place before May 31, 2011. As of the date of
this report, the transaction has not closed.
Enwise
On February 11, 2011, the deposit
made by the Wireless Age in 2010 to SPTA in support of the proposed EnWise Power
Solution Inc. acquisition was returned with interest.
Capital Structure
On March 7, 2011, the Company closed a non-brokered private placement of common shares for total proceeds of $1,572,500. As of the date of filing this report, the shares have not been issued.
The Company had a working capital deficit of $13,366,182 at June 30, 2011 compared to $11,762,510 at December 31, 2010
The commencement of bankruptcy proceedings and the potential exposures to Wireless
Age and Newlook raise substantial doubt as to whether the Company will be able to
continue as a going concern.
AI
