Within the statement, the company refers to its July 2011 reverse split of 500-1 and authorized July 2012 shares capped at 100,000,000. US Wireless Online goes on to explain that its float is now estimated to 12,356,800 shares, given internal records and the lack of a registration statement or shares issued by the company.
However, the press release states that US Wireless Online did issue three portions of a restricted stock, accounting for 86,065,205 in escrow between 2011 and 2012. The company supports the 86 million share issuance with a three-part explanation, including: the need to settle outstanding debts, which amounted to approximately $3 million; the desire to develop an introductory broker in hopes of eventually buying an existing off-shore brokerage, specifically PointZeroFX; and to merge with Key Technolabs.
US Wireless Online also utilized this recent press release to address other corporate matters and its followers’ questions or concerns. As such, the company verified its awareness of its critics’ disinformation about on-going company activities. In response to said disinformation, US Wireless Online’s management says, “The ex-management (Circa 2007) and ex-operating subsidiaries of UWRL were and may still be target of certain civil proceedings. UWRL has not been named nor does it expect to be. This action has nothing to do with UWRL. A default judgment of about $2.5 million against UWRL may be null and void for several reasons. One the "creditor" has been sanctioned by US authorities and second reason is the creditor appears to be out of business.”
The press release also notes the organization’s recent relocation from Wyoming to Nevada and its new identification as Mercor Portfolio, Inc. within Wyoming.
Finally, US Wireless Online finishes up the brief on a positive note: “With the aforementioned re-organization and restructuring complete, the management sees a bright and positive future ahead as it ventures further into the cloud computing area space which has seen the market grow from $964 million in 2010 to $3.9 billion in 2013.”