Wi-Tron Inc. Accelerates Reorganization: Announces 8 Board of Director Resolutions and Corporate Updates
04 October 2006 - 2:45AM
PR Newswire (US)
RARITAN, N.J., Oct. 3 /PRNewswire-FirstCall/ -- Wi-Tron, Inc.
(OTC:WTRO) (BULLETIN BOARD: WTRO) , a developer and manufacturer of
high-tech ultra- linear power amplifiers, today announced eight
board of director (BOD) resolutions and a corporate update. On
September 20th, the BOD resolved to: 1) accept $370,000 in private
placement transactions; 2) pay down $86,460 in debt; 3) elect Craig
Bird to the BOD and; 4) to serve as the corporate secretary and 5)
to serve as Chief Governance Officer; 6) implement a dilution
reduction plan to retire approximately 9 million options, warrants
and common shares; 7) establish a subsidiary in China; and 8)
initiate a secondary offering to raise $3 - 5 million. The Company
also announced that it would not achieve $4 million in revenues for
2006 as projected in May. Wi-Tron CEO, Joe Nordgaard said, "These
resolutions are just what we need to complete our reorganization
and implement our new business plan. Our operational tempo is
increasing as we engage in more business opportunities and these
resolutions will enable us to become a global player in the
wireless telecom power amplifier market. We are doing all the right
things to grow quickly and effectively." CEO Joe Nordgaard and
Segue Ventures President Craig Bird purchased $370,000 in
restricted shares at $.25 each. Wi-Tron will use the funds for
operations, R&D and to pay down $86,460 in debt to a former CEO
(see SEC 10QSB, note G). To bolster corporate responsibilities to
shareholders and corporate governance compliance, the BOD elected
Craig H. Bird as a director, corporate secretary and chief
governance officer. "Craig has been a godsend to Wi-Tron Inc." said
Joe Nordgaard. "His organizational abilities, integrity, enthusiasm
and commitment have helped every aspect of our business operations.
Craig understands our vision and is an essential element of our
ability to attain all our goals in a timely manner." Craig Bird is
the founder and President of Segue Ventures LLC, a business
consulting, investor and public relations company that is dedicated
to assisting CEOs and executives improve their business planning
and procedures, and corporate communications with investors. Craig
served in the U.S. Army for 23 years and has over 25 years
investing experience. Mr. Bird also owns over 5 million shares of
Wi-Tron Inc. The BOD adopted a "Stock Dilution Reduction Plan" to
improve shareholder value. Mr. Nordgaard commented, "Corporate
directors and management really stepped up to the plate to reduce
dilution by over 7 million warrants and options. We are in
discussions with several substantial shareholders who have
indicated they are willing to give back a percentage of their
warrants or restricted common shares. We see this as a key factor
to help us move forward with our secondary offering to raise $3-5
million." The Company intends to offer in a private placement to
eligible investors, at a subscription price of $.30 per unit. Each
unit consists of one share of the Company's common stock, one
common stock purchase warrant, exercisable at $.50 per share, and
one redeemable common stock purchase warrant, exercisable at $1.00
per share. The BOD also approved plans to establish a wholly owned
subsidiary in China. Mr. Nordgaard elaborated, "Wi-Tron has
targeted many opportunities emerging in China's Telecom market. We
have signed a letter of intent (LOI) with two very successful
businessmen to establish Wi-Tron China (WTC) and develop sales
opportunities and oversee our manufacturing operations. We are
excited about our extensive opportunities in China. We believe they
will add significantly to our top and bottom line growth in 2007."
Corporate Update After extensive review, Wi-Tron management
determined that it would not achieve $4 million in revenues in
2006. Joe Nordgaard stated, "Our R&D efforts on the GSM
amplifier were impeded by internal issues, which expedited my being
asked to step in as CEO and lead Wi-Tron. We have sorted out the
issues and are making good progress in all business areas. We are
still on track with the five other guidance areas: reducing debt;
winning new customers; partnering with leading global companies;
opening a Wi-Tron subsidiary in China; and growing sales in Latin
America. I am pleased with our progress since taking over as CEO
just over 4 months ago. We continue to make good progress in all
areas of our business and we have a handle on our burn rate, so I
am confident in our future." The table below identifies Wi-Tron's
current sales developments by category. All of these business
relationships are progressing and represent significant recurring
revenue generating opportunities. "From the friendships and
business relationships I have developed over the last 25 years, we
are building many new relationships for Wi-Tron. These
relationships are strengthened by our advanced amplifier designs
and our leading-edge R&D programs," Mr. Nordgaard said. "The
combination of long-standing relationships and technical competency
is very powerful." Business Specs & Market Segments
Relationship Purchase Orders Top Tier Vendors T1 #1 U.S.
International Co Established Spec Received Second Tier T1 #2 China
International Co Established Spec Pending Vendors T2 #1 U.S. based
Co Established Spec Received T2 #2 U.S. based Co Established Spec
Received T2 #3 European based Co Established Spec Received Repeater
T2 #4 U.S. based Co Developing Spec Pending Vendors T3 Israeli
Partner Established Spec & P.O. Replacement T3 Asian customer
Established Spec & P.O. market China partners Developing Spec
Received Other Military customers Established Reorders
Opportunities For additional product information, visit our website
at http://www.wi-tron.com/ To receive press releases, investor
newsletters and corporate updates, please email your request to:
About Wi-Tron Inc. Wi-Tron, Inc. designs, manufactures and sells
ultra-linear single and multi-channel high power amplifiers to the
worldwide wireless telecommunications market. Single and
multi-carrier linear power amplifiers are critical components for
all wireless system base stations. Amplifiers increase the power of
radio frequency and microwave signals with low distortion.
Wi-Tron's products are designed and marketed for a wide range of
applications across many frequencies, including second and third
generation wireless, X-band, and local loop segments of the
wireless telecommunications industry. Forward-Looking Statements
Forward-looking statements in this release are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. The words "believe," "expect," "feel," "plan,"
"anticipate," "project," "could," "should" and other similar
expressions generally identify forward-looking statements. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of their dates. These forward-
looking statements are subject to a number of risks and
uncertainties including, without limitation, inability to complete
any proposed transactions, inability to raise the funds necessary
for the continued operations of the Company, changes in external
market factors, and other risks and uncertainties indicated in the
Company's most recent SEC filings. Actual results could differ
materially from the results referred to in the forward-looking
statements. Wi-Tron, Inc. Tochi Bains, 908-253-6870 ext. 106
Investor Relations: Craig H. Bird Investor Relations website:
http://finance.groups.yahoo.com/group/Wi-Tron/ (215) 885-4981
DATASOURCE: Wi-Tron Inc. CONTACT: Tochi Bains of Wi-Tron, Inc.,
+1-908-253-6870 ext. 106; or Investor Relations: Craig H. Bird, ,
+1-215-885-4981 Web site: http://www.wi-tron.com/
http://finance.groups.yahoo.com/group/Wi-Tron
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