Worldwide Strategies, Inc. Releases Update on Pending Merger Featuring Enhanced PPS Potential With No Fundraising Planned for South American Operation
DENVER, CO--(Marketwire - October 27, 2009) - Worldwide Strategies, Inc. (OTCBB: WWSG) today
released an update on a previously announced merger transaction anticipated
by year end. As a result of the anticipated transaction, Worldwide would
have an operation in Brazil with approximately $20 million in annual
revenue, and Worldwide customers would include corporations such as Wal-Mart Brazil, Hitachi and Embraer. CEO James Samuels released a letter to
shareholders on Friday, October 23, 2009 providing an update on the pending
transaction. A link to the letter to shareholders is:
Following strategic meetings last week outlined in Mr. Samuels' letter to
shareholders, the transaction is on a fast track.
"The next-step follow-ups outlined in last week's meetings have all,
without exception, been promptly engaged," said Mr. Samuels. "I am
optimistic about a timely closing, and I am even happier to include in my
update that we have confirmed the target operation's operational ability to
sustain operations without additional financing. I am eager to avoid
financing while Worldwide is listed on the OTCBB. We intend to move as
quickly as possible toward a national exchange listing. Without a need for
capital for the target operation in the merger transaction, our ability to
realize the share price increase necessary to meet a national exchange
listing requirement is enhanced."
About Worldwide Strategies, Inc.
Worldwide Strategies, Inc. is a development tool stage business that has
built a proprietary affinity marketing process and system to provide
clients with outsourced services including multi-language capabilities. The
affinity market business has signed several substantial contracts but has
not established significant revenue.
"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
This press release contains forward-looking statements that involve risks
and uncertainties. The statements in this release are forward-looking
statements that are made pursuant to safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Actual results, events and
performance could vary materially from those contemplated by these
forward-looking statements. These statements involve known and unknown
risks and uncertainties, which may cause the Company's actual results in
future periods to differ materially from results expressed or implied by
forward-looking statements. These risks and uncertainties include, among
other things, product demand and market competition. You should
independently investigate and fully understand all risks before making
Contact Information: Contact:
Worldwide Strategies, Inc.