Webtech Wireless Provides Update on Internal Fraud Investigation at Former UK Operations and Release of Interim Financial Statements
(Marketwire (Canada) Via Acquire Media NewsEdge) VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 14, 2014) - Webtech Wireless Inc. (the "Company") (TSX:WEW), a leading provider of vehicle fleet location-based services (LBS) and telematics technology, announces that it is finalizing its investigation regarding the liability arising from the fraudulent diversion of funds previously reported to have been discovered at its former UK subsidiary.
The Company intends to release its financial statements and related MD&A and certifications of its CEO and CFO for the quarter ended June 30, 2014, which were due to be filed today, on Monday August 18, 2014 prior to the opening of markets.
The Company will hold a conference call on Monday, August 18, 2014, at 11:00 am Eastern hosted by Mr. Scott Edmonds, President and Chief Executive Officer and Mr. Trevor Greene, Chief Financial Officer to discuss the Company's financial results and corporate developments, including the fraud investigation. To access the conference call by telephone, dial +1.416.340.9432 or +1.800.952.4972. A taped replay of the conference call will be archived on the Company's corporate website at: www.webtechwireless.com.
The Company intends to satisfy the alternative information guidelines set out in National Policy 12-203 for so long as it remains in default in respect of the timely filing of its financial statements for the quarter ended June 30, 2014.
About Webtech Wireless(R)
Webtech Wireless (TSX:WEW) is a leader in providing fleet management telematics, GPS and automatic vehicle location (AVL) solutions that improve efficiency, accountability and reduce costs. Our end-to-end solutions automate record keeping and regulatory compliance, reduce fuel burn and idling, mitigate risk, and keep drivers safe. Managers trust us to ensure people are accountable and vehicles are visible. Through the cloud, in the office, or straight to mobile devices, we deliver Fleet Intelligence Anywhere(TM). Our products, InterFleet(R), Quadrant(R) and Webtech Fleet Center(TM) provide advanced fleet management solutions for winter maintenance, public works and waste management fleets; and, for commercial fleet operations and compliance (HOS, ELD). Please visit www.webtechwireless.com.
This News Release may contain forward-looking statements involving risks and uncertainties pertaining to, but not limited to, the anticipated timing of the filing of the Company's financial statements for the quarter ended June 30, 2014, the company's intention to delay release of its interim financial statements, and the Company's intention to satisfy the alternative information guidelines set out in National Policy 12-203. Given the risks and uncertainties inherent in the markets and industries referred to in this News Release, the Company cannot guarantee that any forward-looking statements will be realized. . All amounts in Canadian dollars (CAD$) unless otherwise noted. .The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release. .Trademarks are the property of their owners.
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Source: Webtech Wireless Inc.
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