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Wireless Age Announces Second Quarter Profit

TORONTO--(BUSINESS WIRE)--Aug. 11, 2004--Wireless Age Communications, Inc. (OTCBB:WLSA) (Wireless Age) announced today that it generated earnings of $91,634 during the three month period ended June 30, 2004 and that revenues grew 89% over the comparative period a year ago.
Net income during the second quarter of fiscal 2004 was $91,634 compared to $19,432 during the same period in fiscal 2003. Revenues during the second quarter of fiscal 2004 were $3,592,516 up from $1,897,310 during the comparative period a year ago. Revenues from retail operations totaled $2,430,319 in the current quarter representing a 30% increase over retail revenues of $1,870,799 during the second quarter of fiscal 2003. Wholesale revenues during the current quarter were $1,162,197 compared to $26,511 during the comparative period last year. Substantially all of the Company's wholesale businesses were acquired during the latter six months of fiscal 2003.

John Simmonds, Chairman and CEO of Wireless Age, stated, "Although we operate almost exclusively in the wireless communications sector, we've taken steps over the last year to diversify operations so that not all of our revenues are from retail operations. As it stands now approximately one-third of revenues arise from wholesale operations. We've recently entered into several agreements to further diversify operations that we expect to affect future results. Some of our planned acquisitions have met road blocks, but we expect to successfully conclude many of these transactions in the second half of 2004."

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 we 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 revenues and control expenses, especially on a quarterly basis; unexpected decline in revenues without a corresponding and timely slowdown in expense growth; our ability to retain key management and employees; intense competition and our 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 requirement 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's 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's business, please refer to the risks and uncertainties detailed from time to time in Wireless Age's SEC filings.

Contacts


Wireless Age Communications, Inc.
John Simmonds
Chairman & C.E.O.
(905) 833-0808 ext 223
Fax: (905) 833-6942
or
Redwood Consultants, LLC
Jens Dalsgaard
(415) 884-0348

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