MIAMI, Oct. 05, 2017 (GLOBE NEWSWIRE) -- World Media & Technology Corp. (OTC:WRMT) (the “Company” or “WRMT”), a leading developer of wearable devices with Life Sensing Technology dedicated to improving wellness worldwide, today provided an update on the Company’s progress on several corporate initiatives.
WRMT continues its investment in new executive talent with the hiring of Anthony S. Chan as its Chief Financial Officer (CFO) effective October 1, 2017. This appointment follows the appointment of Sean McVeigh as President and Chief Executive Officer in May 2017.
“Since joining WRMT in May, I have been driving a corporate-wide transformation initiative that included hiring a new management team and establishing strong regulatory compliance to build a solid foundation before implementing the next phase of our business plan,” stated Sean McVeigh, President and Chief Executive Officer. “We are delighted that Anthony has come onboard. He is a proven leader and we believe that his experience in accounting and corporate governance will be instrumental in WRMT’s plans to pursue an uplisting to the NASDAQ Capital Market. We believe that Anthony leadership will bring both structure and financial discipline to WRMT, which will facilitate our financial reporting and compliance and strengthen our ability to deliver on our business objectives.”
Mr. Chan is a seasoned CPA with over 28 years of professional experience in auditing and SEC reporting, mergers and acquisitions (M&A), business turnarounds, and CFO advisory services. Since May 2017, the Company has enlisted the services of Mr. Chan to assist in its corporate initiatives, with a focus on re-registering with the Securities and Exchange Commission (“SEC”) and up-listing to NASDAQ. Mr. Chan is the President of CA Global Consulting Inc., a company he co-founded in 2014. While serving as an EVP and Acting CFO of a NASDAQ-listed company from 2013 to 2015, Mr. Chan was credited for expanding the company’s liquidity, broadening its business platform and improving its profitability. Mr. Chan was a former partner at Berdon LLP where he led the firm's internal controls and risk management practice; and he was a former partner at Friedman LLP and UHY LLP where he was responsible for the delivery of assurance and advisory services to public companies with operations in China. Currently, Mr. Chan is a Board of Director of the New York State Society of Certified Public Accountants, the chair of its Audit Committee, a Board of Trustee for the Foundation for Accounting Education, and a member of the editorial advisory board for The CPA Journal.
As CFO at WRMT, Mr. Chan will be responsible for strengthening the finance and reporting functions, and establishing appropriate internal control procedures to ensure compliance with rules and regulations. It is our expectation that Mr. Chan's background as a former CFO and audit partner will be instrumental in helping WRMT achieve best in class operational efficiency, corporate governance and risk management.
The Company is also making additional progress in the recruitment of other members of its senior management team and independent Board of Directors. It plans to announce further executive appointments in the coming weeks, as well as new independent Board members later this year.
WRMT intends to become current in its reporting requirements with the Securities and Exchange Commission (SEC) and has recently engaged Wei Wei & Co. LLC, an independent registered public accounting firm, to audit its 2015 and 2016 annual consolidated financials. Those annual audits have now been completed and the Company has received a clean opinion. The full report can be found at https://www.otcmarkets.com/financialReportViewer?symbol=WRMT&id=179840
About World Media & Technology
WRMT is a technology, design and data company. We have developed Life Sensing Technology that is embedded into innovative, connected, wearable devices that we design. We are also a Big Data global provider and have developed software capability to aggregate our wearer data. Our database contains extensive multi-ethnic, biometric and vital signs data, which not only informs our in-house development, but is also available on an anonymized basis to corporate partners and third-party app developers. We continuously gather data from our wearers in an effort to build a leading database which may enable our partners to determine new insights and identify new trends generated from our wearer data. For further information, see www.worldmediatech.com
Forward Looking Statement
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties, Further information regarding these and other risks is included in the Company's filings with the OTC Markets. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.
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