Wireless Age Communications Inc. Raises Money by Issuing Shares

Energy and environment solutions company Wireless Age Communications, Inc., has reported the closing of a private placement in its securities at a price of $0.05 per common share for total proceeds of $1,000,000.00.

In a statement issued Friday, the Canadian company said a total of 20,000,000 common shares were issued, with insiders of the company and CFO John Simmonds' family purchasing a total of approx. 13,000,000 shares.

The announcement comes barely a day after the company agreed to acquire energy-saving solutions vendor Innovative Solutions in an all-stock deal.

According to reports, John Simmonds personally invested $500,000 for 10,000,000 shares. Simmonds' family invested $75,400 for 1,508,000 shares. Carrie Weiler invested $50,000 for 1,000,000 shares and Albert Pope invested $25,000 for 500,000 shares.

"As we continue to roll out our new business strategy, we are confident that this capital will help move the company forward in a direction that will help increase shareholder value,” said John G. Simmonds, Chairman and Chief Executive Officer of Wireless Age.

King City, Canada-based Wireless Age deals in energy efficient household products and also installs waste handling and remediation systems. The company is trying hard to cash in on the growing popularity of renewable energy.

Innovative Solutions provides clients across North America energy-saving solutions and has launched a new products division providing an extensive list of technologies designed to reduce carbon emissions while enhancing an organization's revenue.

"The acquisition of this dynamic organization enables us to offer increased energy efficiency to the commercial sector and empower environmentally minded businesses to reduce their carbon footprint," Simmonds said.

Innovative Solutions has the opportunity to earn an additional 2.5 million in warrants in WLSA when a $10-million revenue performance target is met. The company has targeted approximately $5 million in revenue by the end of 2011 with a target of $12 million for calendar year 2012.