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Wireless Age Communications Inc., traded on the OTC: Pinksheets: WLSA
07.25.2009 Visit to Sunbay Energy office in Port Hope, Ontario.
Corporate Contact: Wireless Age Communications, Inc.
3565 King Road Unit 102
King City, Ontario
L7B 1M3
P. 905-833-2753
F. 905-833-9847
Executive team:
John Simmonds, Chairman and CEO
Gary Hokkanen, Chief Financial Officer
Carrie J. Weiler, Corporate Secretary
Wireless Age to Acquire Interest in Renewable Energy Projects
TORONTO, ONTARIO, Aug 11, 2009 (Marketwire via COMTEX) -- Wireless Age Communications, Inc. (Pinksheets: WLSA), ("Wireless Age" or "the Company") announced today that it has entered into a definitive agreement with PowerPlay Energy Corp. ("PowerPlay") and Sunbay Energy Corp. ("Sunbay") through a wholly owned subsidiary of the Company to acquire a 60% interest in a newly formed entity that will hold all of the assets and liabilities of a development stage plasma gasification project proposed to be built in Port Hope, Ontario, Canada and the exclusive rights to participate in plasma gasification projects in the United States of America.
Through its subsidiary Sunbay, PowerPlay is a renewable energy developer specializing in gasification projects, and possesses the intellectual property rights, contracts and licenses necessary for the development of plasma gasification and renewable energy projects. Additionally, Sunbay has entered into an exclusive developer agreement with a world-renowned original equipment manufacturer of plasma torches, as well as a designer and operator of plasma gasification facilities.
Formal closing is subject to various conditions precedent, including drafting certain ancillary legal agreements, regulatory and board of directors' approval.
Pursuant to the agreement the Company has agreed to pay the following consideration: two million five hundred thousand (2,500,000) Newlook Industries Corp. ("Newlook") common shares, one hundred sixty seven thousand US dollars (US$167,000) and a one million two hundred fifty thousand Canadian dollar (CAD$1,250,000) senior secured debenture. The debenture pays interest at 8% per annum, will mature one year from the date of closing and may be fully repaid by the Company at any time with the delivery of five million (5,000,000) Newlook common shares. The debenture will be secured by a general security agreement over all of the assets of the Company including the intellectual property rights of the Port Hope project and the Company's interest in future USA projects. As part of the transaction the Company intends to complete a name change to better reflect the future direction of the Company.
The Company confirms that there is no relationship in this transaction involving any non-arms length party and Wireless Age, its insiders and PowerPlay or Sunbay other than a director of a Newlook insider is also a director and officer of PowerPlay and Sunbay.
Newlook is the Company's controlling shareholder currently holding an ownership percentage of approximately 55%.
Report: Renewable energy project in association with the government a reality?
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