CORRECTION: Wireless Age Reviews Renewable Energy Development Opportunity
* Reuters is not responsible for the content in this press release.
TORONTO, ONTARIO, Jun 29 (MARKET WIRE) --
In the release issued at 1:02PM ET JUNE 29, 2009, the stock exchange for
Wireless Age Communications, Inc. was listed incorrectly. Wireless Age
trades on the PINK SHEETS not the OTCBB. The complete and corrected
release follows.
Wireless Age Communications, Inc. (PINK SHEETS: WLSA) ("Wireless Age" or
"the Company") announced today that following the disposal of all of the
assets of its subsidiaries Wireless Age Communications Ltd. and Wireless
Source Distribution Ltd. and while progress is being made with the
finalization of the bankruptcy proceedings of the entities, the Company
has begun to negotiate the acquisition of certain rights to plasma
gasification opportunities in North America.
Plasma gasification is an energy recovery process based on conversion
technology with high energy output and best-of-class environmental
performance. The counter-party to the negotiations is a development
company with strategic investments in various global energy projects and
to date its development holdings are based on a focused model and project
design:
- Energy recovery from plasma enhanced gasification;
- Electricity sales in long-term power purchase agreements;
- Tipping fee revenue.
The projected commercial implications of these exclusive plasma
gasification development opportunities are based on long-term power
purchase agreements (certainty of long-term revenue) and long-term
feedstock arrangements (contracts for municipal solid waste).
The counter-party has implemented exclusive developer agreements for
multiple energy recovery facilities in Canada and has also been pursuing
renewable energy development ventures in the United States.
John G. Simmonds, CEO of Wireless Age stated; "It is now time to start
talking about the rebirth of the Company. The global financial crisis and
the events forced upon us by our former business partners earlier this
year have made negotiating a go-forward plan long, slow and arduous.
However, we believe that we are far enough down the road to make some of
our intentions public. We believe that renewable energy opportunities may
be financed and developed even during these difficult times. Our mandate
is to define the parameters of these opportunities, to assemble a new
team and to restore the Company to a stronger trading platform. Although
it will take some time, we believe that eventually confidence will be
restored and remaining shareholders will be rewarded for their patience."
Note: This press release contains "forward looking statements" as defined
in the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on currently available competitive,
financial and economic data and management's views and assumptions
regarding future events. Such forward-looking statements are inherently
uncertain. Wireless Age Communications, Inc. cannot provide assurances
that the matters described in this press release will be successfully
completed or that the company will realize the anticipated benefits of
any transaction. Actual results may differ materially from those
projected as a result of certain risks and uncertainties, including but
not limited to: global economic and market conditions; the war on
terrorism and the potential for war or other hostilities in other parts
of the world; the availability of financing and lines of credit;
successful integration of acquired or merged businesses; changes in
interest rates; management's ability to forecast revenues and control
expenses, especially on a quarterly basis; unexpected decline in revenues
without a corresponding and timely slowdown in expense growth; the
company's ability to retain key management and employees; intense
competition and the company's ability to meet demand at competitive
prices and to continue to introduce new products and new versions of
existing products that keep pace with technological developments, satisfy
increasingly sophisticated customer requirements and achieve market
acceptance; relationships with significant suppliers and customers; as
well as other risks and uncertainties, including but not limited to those
detailed from time to time in Wireless Age Communications, Inc. SEC
filings. Wireless Age Communications, Inc. undertakes no obligation to
update information contained in this release. For further information
regarding risks and uncertainties associated with Wireless Age
Communications, Inc.'s business, please refer to the risks and
uncertainties detailed from time to time in Wireless Age Communications,
Inc.'s SEC filings.
Contacts:
Wireless Age Communications, Inc.
John G. Simmonds
Chairman & CEO
905-833-2753 ext. 223
Copyright 2009, Market Wire, All rights reserved.
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