Wireless Age Communications, Inc.,officially announced their intent in acquiring a major stake in the renewable energy project in Port Hope, Ontario.
Richmond Hill, ON, July 24, 2009 — Wireless Age Communications, Inc. (wlsa.pk) officially announced their intent in acquiring a major stake in the renewable energy project in Port Hope, Ontario. The transaction is to close July 31, 2009.
Sunbay Energy Corp., has exclusive rights to Europlasma, a renowned and experienced world leader in the field of plasma gasification and plasma torch technology.
Wireless Age Communications, Inc.(wlsa.pk) will attain $2,000,000 in net income annually, solely based on their interest in Sunbay Port Hope. John Simmonds, CEO Wireless Age Communications, Inc., who has a rich history of turning start-ups into multi-million dollar enterprises, stated pending approvals to a name change that would reflect their current business in the renewable energy sector and debt reduction, the cancellation of nearly half of the issued and outstanding stock, were well underway.
A fair market valuation, once the share cancellation is finalized and the issued and outstanding reflects approximately 27.6M, based on annual income of $2,000,000, would result in no less than $0.69/share. Simmonds made it clear that Sunbay Port Hope would be one among several plasma gasification projects Wireless Age Communications, Inc. would look to acquire interest in throughout North America. With numerous renewable energy projects encouraged by the government, the potential R.O.I. in Wireless Age Communications, Inc. would appreciate in value above the current proposed fair market value.
Sunbay Port Hope has exclusive feedstock arrangements with Turtle Island Recycling, a major waste hauler in the Greater Toronto Area (GTA). This partnership would provide Sunbay Port Hope with fuel to their Plasma Gasification facility, as well as a multi-million dollar revenue, annually.
Sunbay’s primary sales will consist of long-term power purchase agreements with government entities such as the Ontario Power Authority who set aside $14.1B to improving Ontario’s electricity system. Under the Green Energy Act, a feed-in tariff program will provide incentives for investment in renewable energy technologies.
Stein Lal, a former Deputy Minister of the Environment for Ontario, reserves strong ties to government leaders and will be a key figure in securing government interest and involvement in Port Hope.
Former Cabinet Minister, David Tsubouchi, reserves a spot on Sunbay Energy Corp.’s Board of Advisors. His experience will be detrimental in the success of this venture, as he too, reserves political ties that will help spur this renewable energy project.
Sunbay Energy Corp. President, Jordan Oxley, is a former investment banker who has ties to NRG Energy, Inc. executives. The multi-billion dollar enterprise may lend a helping hand in the numerous waste-to-energy projects planned in the United States, in cooperation with the billions President Obama has set aside in touting renewable energy solutions.
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