Inforetech Wireless Technology President and CEO Issues Statement in Response to Shareholder Inquiries.
VANCOUVER, British Columbia--(BUSINESS WIRE)--April 15, 2003
Inforetech Wireless Technology Inc.(R) (OTCBB:WYRE)(WYRE.BE; Berlin:IIW.BE), a leading supplier of GPS systems for golf, issued the following statement in response to recent shareholder inquiries.
Dear Inforetech Wireless Technology Shareholder,
Let us begin by thanking you for the unwavering enthusiasm, commitment and support you have bestowed upon Inforetech Wireless Technology as we have strategically repositioned ourselves to capture the market as set forth by our long term goals in conjunction with the execution of our business plan. As an Inforetech shareholder you have been cognizant of the momentum surrounding our company and our Inforemer GPS Golf Systems and you have responded by showing your patience in allowing us to restructure and reduce debt.
Since January 2003 we have secured over $24 million in projected sales over a 5-year period with our distributor agreements while simultaneously eliminating over $4 million in debt and restructuring, placing us on track to meet our projected revenue estimates for our first full year of operations. Earlier this year we launched our extended Windows based product line, including the first full management GPS handheld system that can be interchanged with our new colored cart mount units. All units can be mixed and matched with our software, in combinations satisfactory to course owners, eliminating fleet minimums and affording courses the ability to financially tailor our products to fit any budget. Our Inforemer GPS Management System is currently being installed on courses in both the United States and Canada and preparations for European entry are presently taking place. As the year progresses, additional distributors will be added to the Inforetech portfolio in preparation for the further rollout of our GPS inventory.
February 2003 witnessed the acceptance of two significant members to the Inforetech board of directors, Mr. Doug Wood and Mr. Rick Horrow, who recognize the future of Inforetech GPS technology extends to a much broader context of applicability. In addition to an increase in board members, Inforetech Wireless welcomed Mr. Robert Sundberg, C.A. as its new Chief Financial Officer. Mr. Sundberg joins Inforetech with 40 years experience as a chartered accountant with a highly successful career spent as a public accountant, serving small to medium sized business; as an auditor, accountant, financial and tax advisor, Life Member of the Institute of Chartered Accountants of Alberta, and a member of the Institute of Chartered Accountants of British Columbia. Just prior to joining Inforetech Wireless he advised start-up and other small ventures as well as a select group of private businesses. Bob joined the company in December 2002 as a consultant and officially accepted the CFO position in February.
In summary, we have built and continue to build upon a company founded on integrity and hard work. We take shareholder value seriously and strive to ensure that channels of communication are open and that our investors, the media and the broader market are well informed (research available at: http://www.inforetech.com/investor_report.html). With the support of our shareholders, the expertise and vision of our management, the guidance and creativity of our board and the benefit of cutting edge, commercially viable technology, we will continue to achieve great strides and operational excellence through our Inforemer GPS System ensuring that the future of golf is here -- today.
Robert Silzer, Sr.
Chief Executive Officer
About Inforetech Wireless Technology Inc.
Inforetech Wireless Technology uses global positioning systems (GPS) combined with high-speed wireless communications technology to deliver information systems for the golf industry. The company's product, the first patented communications network that utilizes advanced internet protocols to provide a wireless information system, enhances enjoyment, awareness and skill of the game, increases golf course profits and improves pace-of-play issues. The company's mission is to build and maintain a strong, viable position as an international supplier of GPS-based golf devices. Additional information can be obtained from the company's web site: www.inforetech.com.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: The Company's ability to raise finance; global and market conditions within the golf industry; demand for and market acceptance of new and existing products; successful development of new products; the timing of new product introductions; pricing pressures and other competitive factors; the ability to develop and implement new technologies and to obtain protection for the related intellectual property; as well as other risks and uncertainties, including but not limited to those detailed from time to time in the company's Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Other brands and names contained in this release are the property of their respective owners.