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| WLSA.PK > SEC Filings for WLSA.PK > Form 8-K/A on 27-May-2009 | All Recent SEC Filings |
27-May-2009
Other Events
On May 18, 2009, Wireless Age Communications, Inc. (the "Company") announced that due to the uncertainties arising from the insolvency proceedings with its Canadian operating subsidiaries Wireless Age Communications Ltd. ("Wireless Communications") and Wireless Source Distribution Ltd. ("Wireless Source") the Company's audit for the year ended December 31, 2008 could not be completed and therefore Form 10-K would not be filed on a timely basis.
On January 9, 2009, Saskatchewan Telecommunications ("SaskTel"), a secured creditor of Wireless Communications and Wireless Source obtained a court order to place the subsidiaries into receivership. The court-appointed receiver arranged the sale of the assets to IM Wireless Communications Ltd. ("IM") and 4L Communications Inc./MTS Allstream Inc. ("4L/MTS"). The Company's former President of Wireless Communications and Wireless Source, Mr. Allen Cowie, is a shareholder of IM. 4L is a wireless communications distributor for MTS in Manitoba, Canada and MTS was previously the Company's wireless communications network services provider in Manitoba. Total proceeds from the sale is approximately $6,400,000 (CAD$7,400,000). To the knowledge of the Company, the transactions are expected to close imminently. The Company is assessing possible legal action related to these matters.
As a result of the delay in filing the Form 10-K, the Company's shares have been delisted from trading on the Over-the-Counter Bulletin Board (the "OTCBB"). The Company's shares have begun to trade on the Pink OTC Markets Inc., an inter-dealer electronic quotation and trading system in the over-the-counter securities markets.
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