REGINA, Saskatchewan, Feb. 21, 2007 (PRIME NEWSWIRE) -- Wireless Age Communications Inc. (OTCBB:WLSA) today announced the resignations of David Charles Valliere and Glenn James Poulos as members of the Company's Board of Directors. In addition, the Company announced that Bradley John Poulos resigned as an officer of the Company and as Chairman of the Board of Directors.
On February 13, 2007, David Valliere voluntarily resigned as a member of the Board of Directors. On February 19, 2007, Glenn Poulos entered into an agreement with the Company whereby he voluntarily resigned as a member of the Board of Directors of the Company, as President of the Company's wholly-owned subsidiary mmwave Technologies Inc. ("mmwave") and as a Director of mmwave. The agreement between the Company and Glenn Poulos was part of the recent commercial segment restructuring initiatives. On February 19, 2007, Bradley Poulos entered into an agreement with the Company whereby he resigned as President of the Company and as Chairman of the Board of Directors. With his resignation as an officer of the Company he became an independent non-executive member of the Board of Directors. The agreement between Brad Poulos and the Company was also part of the restructuring initiatives. Brad Poulos and Glenn Poulos agreed to return 900,000 and 1,000,000 shares of the Company's common stock, respectively, issued as a special bonus during the month of August 2006 subject to receiving three year warrants to purchase the same number of shares of the Company's common stock exercisable at $0.15 per share. At the time of issuance, Brad Poulos directed the Company to issue 100,000 of his 1,000,000 share bonus to Gary Hokkanen, the Company's Chief Financial Officer. Gary Hokkanen also agreed to return 100,000 shares of the Company's common stock, issued as a special bonus, and will receive warrants on the same replacement basis as Brad Poulos and Glenn Poulos.
With these resignations the remaining members of the Board of Directors are; Brian Usher-Jones, Stephen Dulmage, Bradley Poulos, John Simmonds and Carrie Weiler. The remaining officers of the Company are John Simmonds as Chief Executive Officer, Carrie Weiler as Corporate Secretary and Gary Hokkanen as Chief Financial Officer.
Following the resignation of Brad Poulos as Chairman of the Board of Directors, the remaining members of the Board appointed John Simmonds as Chairman.
John Simmonds, Wireless Age Chairman and Chief Executive Officer stated: "We continue to focus on the ongoing restructuring of our mmwave business unit. We are working toward a satisfactory solution with the various affected parties including our secured lender. Our retail segment and other non-mmwave distribution business units within the commercial segment remain unaffected by this restructuring."
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.