Wireless Age announces results for the second quarter 2008 and delay in filing Form 10-Q

TORONTO, Aug. 19 /PRNewswire-FirstCall/ -- Wireless Age Communications, Inc. (OTCBB:WLSA) ("Wireless Age" or the "Company") is pleased to announce earnings per share of $0.01 for the quarter ended June 30, 2008.

The Company reported net income of $568,934, for the quarter ended June 30, 2008 compared to earnings from continuing operations of $357,648, before special one time charges, for the comparative period in 2007. Earnings per share were $0.01 for the current quarter compared to $0.01 per share from continuing operations during the quarter ended June 30, 2007.

The Company has achieved year to date net income of $1,193,720 as at June 30, 2008 compared to earnings from continuing operations of $585,556, prior to special one time charges, for the comparative period in 2007. Earnings per share were $0.020 for the current period compared to $0.017 per share from continuing operations during the first half of fiscal 2007.

Consolidated sales for the second quarter of fiscal 2008 were $10,470,415 up 38% from $7,574,598 in the second quarter of fiscal 2007. Retail business segment sales were $5,302,646 up from $3,912,419 for the second quarter of fiscal 2007, representing an increase of 36%. Commercial business segment sales posted a 41% increase to $5,167,769 from $3,662,179 during the second quarter of fiscal 2007.

Year to date consolidated sales were $20,093,538 up from $13,516,266 in the first half of fiscal 2007. Retail business segment sales were $10,466,822 up from $7,173,709 during the six month period ended June 30, 2007. Commercial business segment sales $9,626,716 up from $6,342,557 during the first half of fiscal 2007.

Three Months Six Months ------------------------- ------------------------- 2008 2007 2008 2007 ---------- ---------- ---------- ---------- Total sales $ 10,470,415 $ 7,574,598 $ 20,093,538 $ 13,516,266 Gross margin 2,592,647 1,916,548 4,897,708 3,526,166 Earnings from operations 583,274 403,003 1,144,144 710,699 Other (income) expenses (189,843) 45,355 (263,789) 125,143 ---------- ---------- ---------- ---------- Income before tax 783,117 357,648 1,407,903 585,556 Income tax expense 214,183 - 214,183 - ---------- ---------- ---------- ---------- Net income from continuing operations 568,934 357,648 1,193,720 585,556 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------

Gary N. Hokkanen, Wireless Age CFO stated, "We recently received enquiries, as disclosed in the August 14, 2008 press release, from the United States Securities and Exchange Commission about accounting matters in our December 31, 2007 Form 10-KSB and our Form 10-Q for the interim period ended March 31, 2008. In consultation with our auditors, Deloitte & Touche LLP, we have agreed to amend certain historic filings. We are unable to complete the changes to our recent filings and have our auditors complete their necessary procedures within the grace period under SEC Rule 12b-25. For this reason the Company is unable to file its Form 10-Q for the interim period June 30, 2008 on a timely basis. We anticipate that our trading symbol will be flagged as a non-timely filer until we are able to bring the filings current which we believe will be before the end of August. We do not believe these amendments will have a material impact on fiscal 2008 earnings. Our scheduled conference call for August 20, 2008 will take place as originally planned."

Conference call is scheduled for Wednesday, August 20, 2008 at 4:15 p.m. EST.

Conference Call Access: Local participant: [phone] Toll free participant: [phone] Replay Access (available for one week): [phone] Pass Code: 21281002 followed by the number sign

Note: This press release contains "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain. Wireless Age cannot provide assurances that the matters described in this press release will be successfully completed or that the Company will realize the anticipated benefits of any transaction. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to: global economic and market conditions; the war on terrorism and the potential for war or other hostilities in other parts of the world; the availability of financing and lines of credit; successful integration of acquired or merged businesses; changes in interest rates; management's ability to forecast sales and control expenses, especially on a quarterly basis; unexpected decline in sales without a corresponding and timely slowdown in expense growth; the Company's ability to retain key management and employees; intense competition and the Company's ability to meet demand at competitive prices and to continue to introduce new products and new versions of existing products that keep pace with technological developments, satisfy increasingly sophisticated customer requirements and achieve market acceptance; relationships with significant suppliers and customers; as well as other risks and uncertainties, including but not limited to those detailed from time to time in Wireless Age SEC filings. Wireless Age undertakes no obligation to update information contained in this release. For further information regarding risks and uncertainties associated with Wireless Age Communications, Inc.'s business, please refer to the risks and uncertainties detailed from time to time in Wireless Age's SEC filings.

CONTACT: John G. Simmonds, Chairman & CEO, [phone] ext. 223; or Andrew Barwicki, Investor Relations, [phone]