LOS ANGELES, CA--(Marketwired - August 24, 2017) - WiFi Wireless, Inc. (
1) As part of the internal restructuring, the board of directors of WiFi Wireless, Inc. (the "Board") adopted a resolution to change the name of the company.
2) This decision was made in the interest of the company's brand evolution.
The Board has identified that in the past, the Company's name, WiFi Wireless, Inc., was viewed as a generic term and did little to bring any clear or recognizable identity to differentiate our initiatives from other industry offerings.
This has been true for all of the Company's projects due to its more ubiquitous use rather than specific use related to our products and services throughout any stage of development. It is felt the current name does not facilitate or reflect the company's direction or promote brand awareness.
The official new name of the Company has yet to be announced. This is in order to protect the shareholders. The Board is not releasing the Company's new name until the legal filings have been perfected, along with the new URL and web design.
3) The Board is pleased to disclose that it has a carrier service number with NECA (National Exchange Carrier Association) and will be reapplying for the NANPA (North American Numbering Plan Administration) in the name of the new company along with the FCC license application.
4) The board has decided and resolved that the wireless mobile network will be the main foundation for the Company's revenue. This is another reason for the company's name change and brand evolution.
Although the Company had several celebrity affiliate contracts to promote the "uTalk wireless mobile network", the initial US celebrity endorsements did not launch enough user sign-ups to sustain the monthly burn rate and overhead. The network was built and developed with in-house talent. The wireless mobile network functions perfectly. The company feels the Indonesian market will generate millions of monthly subscribers. However, the company has yet to negotiate antenna access. Indonesia has different accessing laws that don't exist in the US.
5) The board has agreed to a direction. The plan is to secure financing through a private lender in exchange for a debt conversion into equity.
The use of funds will primarily be for administrative and operational structure. This plan includes having the financials filed and brought current. The associated expenses are (and are not limited to) legal, accounting, OTC and the transfer agent.
In the event that the user network generates profitable income, the company will use proceeds to further market public awareness to the value of the network opportunity.
6) The board's final order of business was the nomination and appointment of Anthony Saunders as the President and CEO of the company. Mr. Saunders will bring in his own executive management team as the company's direction unfolds.
Mr. Saunders' duties will include those previously held by Mr. Lynn Peterson. Due to a physically disabling stroke, Mr. Peterson was unable to continue his daily duties.
The Board thanks Mr. Peterson for his years of service to the Company and with sympathy extend their thoughts and prayers to him and his family.
For further information, please contact the company at info@wifiwirelessinc.com.
This press release contains forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.