Wireless Age Acquires Control of Sunbay Energy Corp.
08 June 2010 - 7:18AM
Marketwired
Wireless Age Communications, Inc. (PINK SHEETS: WLSA), ("Wireless
Age" or "the Company") announced today that it has acquired 70% of
Sunbay Energy Corp. ("Sunbay").
Newlook Industries (TSX VENTURE: NLI), a major shareholder of
Wireless Age, announced on June 4, 2010 that its discussions with
Copernic had ceased regarding the sale of Sunbay.
Newlook also announced that it has entered into a letter of
intent to acquire the Fanotech Manufacturing Group. As part of an
overall restructuring of the intercompany debt between Newlook and
Wireless Age, the Company, through a subsidiary, will have the
exclusive U.S.A. rights to all Fanotech products. In addition,
through a controlling 70.1% stake in Sunbay, the Company will have
the exclusive rights to a leading turbo torch technology in Canada.
Newlook will own 19.9% and Powerplay will retain a 10% carried
interest. The only exclusion is the project involving the First
Nations involvement in New Brunswick.
Currently, Sunbay has several waste-to-energy projects under
consideration and expects to announce further details on these
initiatives shortly.
The total consideration for this is being paid out of Newlook
assets other than a CDN$400,000 2 year note convertible at $0.15
per share in Wireless Age stock.
John G. Simmonds, Wireless Age CEO stated, "There has been
significant progress over the last few months on various Sunbay
projects. We are confident that the necessary relationships being
established will provide the necessary funding and talent to
establish ourselves in the waste-to-energy sector. The Company has
the right to change the name from Wireless Age to Sunbay Energy in
the near future and develop a global strategy to become a major
force in this exciting industry."
Jordan Oxley, President of Sunbay further commented that, "We've
enjoyed working with the Wireless Age group over the last two years
and look forward to the development of the first of many projects
utilizing our access to a superior plasma torch technology."
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