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Phantom Fiber Sells Prime Battery Business to Wireless
Age Communications Inc.
Press Release
Sept. 16, 2004
TORONTO, ONTARIO--(CCNMatthews - Sept. 16, 2004) - Phantom Fiber
Corporation (OTCBB: PHMF), the leading provider of secure
wireless technology and mobile solutions, announced today that is
has sold the Prime Battery Business to Wireless Age
Communications Inc. (OTCBB: WLSA) as part of a purchase and sale
agreement. The Prime Battery Business was retained by Phantom
Fiber Corporation during its acquisition by Pivotal Self-Service
Technologies Inc.
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As indicated in the Proxy Statement issued June 16, 2004, Pivotal
Self-Service Technologies Inc. made the decision to dispose of
the battery business and seek new opportunities after analysis
indicated that the Battery Business would require substantial
working capital financing to reach critical mass. Under terms of
the purchase and sale agreement, Phantom Fiber Corporation will
receive 700,000 common shares of Wireless Age Communications Inc.
In addition, Wireless Age Communications Inc. will issue 200,000
additional common shares as an earn out over a one year period
from closing.
Jeff Halloran, President and CEO for Phantom Fiber Corporation
stated, "The Prime Battery Business never represented a core
competence for the Company and offered limited synergistic
benefits to continuing business operations. By selling the
battery business, Phantom Fiber can continue to focus on its core
business of secure wireless technology, transactions and mobile
solutions."
John G. Simmonds, CEO for Wireless Age Communications Inc.
stated, "The key asset in the Prime Battery Business is the
distribution agreement and business relationship with Shenzhen
Konnoc Battery Industrial Co. Ltd. We remain committed to making
the battery business division of our Company a success. The
acquisition of this remaining piece will allow us to fully
realize on the opportunity we create. We believe that the full
potential of this business relationship has yet to be exploited -
particularly in the area of licensed battery and flashlight
products."
As the leading provider of secure wireless technology and mobile
solutions, Phantom Fiber has launched an innovative wireless
software framework that empowers enterprises to efficiently
deploy commercial and productivity applications with high
performance functionality onto java-enabled phones, smartphones
and PDA phones across many communication platforms. Phantom Fiber
delivers robust and secure, client / server applications, which
are able to generate real revenue models and measurable returns.
With solutions built for e-commerce, finance, field service,
health and entertainment, the technology extends at anytime from
anywhere to the hands of a mobile user. For more details on the
company, technology and products, please visit
www.phantomfiber.com.
This release includes projections of future results and
"forward-looking statements" as that term is defined in Sections
27A of the Securities Act of 1933 as amended (the "Securities
Act"), and Section 21E of the Securities Exchange Act of 1934 as
amended (the "Exchange Act"). All statements that are included in
this release, other than statements of historical fact, are
forward-looking statements. Although management believes that the
expectations reflected in these forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove to have been correct. Important factors that could cause
actual results to differ materially from the expectations are
disclosed in this release, including, without limitation, in
conjunction with those forward-looking statements contained in
this release.
About Phantom Fiber Corporation
Phantom Fiber Corporation is the market leader in wireless
technology and mobile solutions that empowers any application
requiring high performance functionality on today's mobile
devices and wireless data communication networks. Phantom Fiber's
success is due to its unique ability to deliver a rich client
experience without compromising on performance or security.
Phantom Fiber extends the enterprise reach anytime, anywhere, on
any device.
For more information, please visit www.phantomfiber.com.
About Wireless Age Communications, Inc.
Wireless Age is in the business of operating retail cellular and
telecommunications outlets in cities in western Canada, and also
in the wholesale business of distributing prepaid phone cards,
wireless accessories, land mobile radios and various battery and
ancillary electronics products in Canada.
Wireless Age's retail operations are conducted through its 89%
owned subsidiary Wireless Age Communications, Ltd., and its
wholesale operations are conducted through its wholly owned
subsidiaries Prime Wireless Corporation, Wireless Source
Distribution, Ltd. (including the A.C. Simmonds & Sons division)
and Marlon Distributions Ltd.
Wireless Age recently also agreed, subject to certain terms and
conditions, to acquire MaxTel Wireless Inc. in southwestern
Ontario and has agreed to fund the development of Niagara Region
Wireless Project with Knowlton Pass Electronics Inc. MaxTel
Wireless and Knowlton Pass form the cornerstone of the Company's
Wireless Works business segment.
Wireless Age also has an investment in RELM Wireless Corporation
that designs, manufactures and markets wireless communications
equipment consisting of land mobile radios and base station
components and systems.
FOR FURTHER INFORMATION PLEASE CONTACT:
Redwood Consultants LLC
Jens Dalsgaard
Managing Director
(415) 884-0348
Email: JNSD@aol.com
or
Phantom Fiber Corporation
Jeff Halloran
President and CEO
(416) 703-4007
Email: jeff@phantomfiber.com
www.phantomfiber.com
or
Wireless Age Communications Inc.
John G. Simmonds
Chief Executive Officer
(905) 833-3838 ext 223
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