Wireless Age Communications Terminates Merger Proposal With Relm Wireless Corporation30 December 2004
Wireless Age Communications, Inc. (OTCBB:WLSA), announced today that its Board of Directors has determined that the Company will call off any further proposals to RELM's Board on a merger of the two businesses.
John Simmonds, Chairman and CEO of Wireless Age, stated, "Our overtures to RELM's Board were not well received. There was a short window for a friendly business combination to occur; unfortunately I believe that it has now closed. On December 31st we will utilize the $2,250,000 cash proceeds from the maturing RELM 8% convertible subordinated promissory note to repay a $2,330,000 note payable and continue to pursue other transactions with parties that believe in our consolidation strategy. Thereafter we will hold no prospective ownership position in RELM."
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 we 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; our ability to retain key management and employees; intense competition and our 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 requirement 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.'s 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.
Wireless Age Communications, Inc. John Simmonds Chairman & C.E.O. (905) 833-0808 ext 223 Fax: (905) 833-6942 OR Martin E. Janis & Company, Inc. Beverly Jedynak (312) 943-1100 ext. 12
Source: Business Wire
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