TORONTO, May 17, 2007 (PRIME NEWSWIRE) -- Wireless Age Communications, Inc. (OTCBB:WLSA) ("Wireless Age" or the "Company") today announced that it has fully repaid all amounts owed by its wholly owned subsidiary mmwave Technologies Inc. ("mmwave") to its senior secured lender.
On May 16, 2007, the Company repaid the remaining indebtedness on behalf of mmave and obtained an assignment of the bank's security interest in mmwave. The Company utilized internal cash resources to accomplish the repayment.
Wireless Age Chairman and CEO, John G. Simmonds stated, "After consultation with representatives of the bank, we felt it was in the best interests of the Company to repay the remaining indebtedness on mmwave's behalf. Taking out this indebtedness was the next logical step in resolving the mmwave situation."
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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.