Wireless Age Enters Into Settlement

TORONTO, ONTARIO, Oct 05 (MARKET WIRE) --
Wireless Age Communications, Inc. ("Wireless Age" or the "Company") (PINK
SHEETS: WLSA) announced that it has entered into an agreement (the
"Settlement Agreement") with the receiver and trustee in bankruptcy (the
"Trustee") of its former subsidiaries, Wireless Age Communications Ltd.
("Wireless Communications") and Wireless Source Distribution Ltd.
("Wireless Source"). Pursuant to the Settlement Agreement, Wireless Age
agreed to pay Wireless Communications and Wireless Source a total of
CAD$750,000 (the "Settlement Amount") to settle outstanding loans
totaling approximately CAD$8.3 million provided by Wireless
Communications and Wireless Source to the Company.

Pursuant to the terms of the Settlement Agreement, the Trustee has agreed
to seek court approval for the arrangement on or before October 9, 2009.
The Company has agreed to pay an initial installment of CAD$50,000 within
two days following the expiry of the 30-day appeal period after approval
of the court order. The remaining CAD$700,000 will be payable on or
before December 31, 2009. If the Company defaults on payment of the
Settlement Amount, it has agreed not to contest actions taken by the
Trustee to recover a reduced amount of CAD$3.25 million, less any
payments made on the Settlement Amount, rather than the full CAD$8.3
million amount of the loans.

Gary N. Hokkanen, Wireless Age CFO stated; "The agreement is necessary to
improve the Company's balance sheet. If completed prior to year-end, it
will settle the approximately CAD$8.3 million accrued special charge loss
provision booked in December 2008, representing a substantial gain. In
addition, it will allow Wireless Age to take its first steps to bring its
SEC reporting back up to date and migrate to a more senior listing."

Wireless Age agreed to provide a release to the Trustee and others
effective upon the expiry of the appeal period, and the Trustee agreed to
provide a release to the Company, effective upon payment of the
Settlement Amount. All parties to the Settlement Agreement agreed that
the exchange of releases and payment of monies do not constitute an
admission of liability, but are simply a compromise of disputed claims.

John G. Simmonds, Wireless Age CEO commented; "I'm extremely pleased with
this agreement, as it allows us to arrange a restructuring with our
controlling shareholder and move towards a renewable energy transaction,
subject to regulatory approvals."

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

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