US Wireless Online, Inc. (UWRL) Provides Forward Guidance and Move Forward Into a $3.9 Billion Dollar Cloud Computing Marketp...
August 26 2013 - 1:51PM
Marketwired
US Wireless Online, Inc. (PINKSHEETS:UWRL)
(www.uswirelesscorporation.com) (the "Company") further to the
Company's news releases of July 26 and August 22, 2013, the Company
is pleased to report its forward guidance and moving forward
plans.
On or about June 28, 2011 the Company completed a reverse split
of 500-1. Our authorized shares were capped at 100,000,000 as of
July 3, 2012. Our float is estimated to be 12,356,800 shares based
on the internal records and the fact that neither registration
statement nor any shares were issued by the Company. The company
did issue 3 tranches of restricted stock totaling 86,065,205 in
escrow in 2011 and 2012. Those shares still remain in escrow. The
purpose of the 86 million share issuance was three fold. Firstly,
to settle any and all outstanding debts that remains on the books
(approximately $3 million dollars). Secondly, to develop an
introductory broker (IB), with the outlook to buy an existing
off-shore brokerage namely www.pointzerofx.com, and a cloud
computing business. This is well under way (See news dated December
4, 2012). PointZeroFX, a Seychelles-based financial company and an
wholly owned subsidiary of USA based US Wireless Inc Ticker Symbol
UWRL quoted on OTC Markets, is pleased to announce that PointZeroFX
has successfully launched its test trading platform. Today, UWRL is
a full time IB representing pointzerofx.com. Lastly, the balance of
the stock is targeted to secure a merger with India IT company
www.keytechnolabs.com. This merger was completed as per the
previous announcement of July 26 and August 22, 2013.
The Company is using this opportunity to address other corporate
matters that may be of interest to our loyal followers, and FAQ
from our followers. The Company is aware that some Company critics
may be disseminating certain disinformation about the Company
activities on various Internet chat boards. To that end, the
Company management comments as follows. The ex-management (Circa
2007) and ex-operating subsidiaries of UWRL were and may still be
target of certain civil proceedings. UWRL has not been named nor
does it expect to be. This action has nothing to do with UWRL. A
default judgment of about $2.5 million against UWRL may be null and
void for several reasons. One the "creditor" has been sanctioned by
US authorities and second reason is the creditor appears to be out
of business. The Company is of the opinion that if and any creditor
comes forward with this debt, the same is expected to be settled at
approximate pennies on the dollar. Obviously, should the Company
settle, the escrow stock will return back to the treasury. All of
this activity has created an "overhang" which prevented the Company
to subscribe to OTC Markets. The Company is of the opinion that OTC
Markets may finally lift this sanction. This opinion is based upon
the recent invitation received by the Company from OTC Markets that
will allow UWRL to commence its alternative reporting.
In 2012 the Company has also redomiciled to Wyoming from Nevada.
As previously announced in a news release of May 28, 2013 the
company has changed its name to Mercor Portfolio, Inc with State of
Wyoming. The Company continues to trade under the ticker UWRL as
the management is well under way of furnishing FINRA with documents
they requested from the Company and the transfer agent to complete
the switch over, to the new name and symbol.
The new board, officers and Directors will be named on the
Wyoming site and filed accordingly very shortly. The Company will
be answering all shareholders concerns directly via new contact
email address uwrl@keytechnolabs.com. The Company expects to settle
accounting with the Transfer Agent and submit its share structure
to FINRA shortly. The Company is of the opinion that the unstable
share price fluctuation seen recently is a one-time event for the
reasons which are apparent on their face.
With the aforementioned re-organization and restructuring
complete, the management sees a bright and positive future ahead as
it ventures further into the cloud computing area space which has
seen the market grow from $964 million in 2010 to $3.9 billion in
2013.
More details will follow on a timely and frequent basis.
Safe Harbor Statement
Information in this release may contain statements about future
expectations, plans, prospects or performance of US Wireless
Online, Inc. (UWRL) that constitute forward-looking statements for
purposes of the Safe Harbor Provisions under the Private Securities
Litigation Reform Act of 1995. The words or phrases "can be",
"expects", "may affect", "believed", "estimate", "project" and
similar words and phrases are intended to identify such
forward-looking statements. US Wireless Online, Inc. (UWRL)
cautions you that any forward-looking information provided by or on
behalf of US Wireless Online, Inc. (UWRL) is not a guarantee of
future performance. None of the information in this press release
constitutes or is intended as an offer to sell securities or
investment advice of any kind. US Wireless Online, Inc. (UWRL)'s
actual results may differ materially from those anticipated in such
forward-looking statements as a result of various important
factors, some of which are beyond US Wireless Online, Inc. (UWRL)'s
control. In addition to those discussed in US Wireless Online, Inc.
(UWRL)'s press releases, public filings, and statements by US
Wireless Online, Inc. (UWRL)'s management, including, but not
limited to, US Wireless Online, Inc. (UWRL)'s estimate of the
sufficiency of its existing capital resources, US Wireless Online,
Inc. (UWRL)'s ability to raise additional capital to fund future
operations, US Wireless Online, Inc. (UWRL)'s ability to repay its
existing indebtedness, the uncertainties involved in estimating
market opportunities, and in identifying contracts which match US
Wireless Online, Inc. (UWRL)'s capability to be awarded contracts.
All such forward- looking statements are current only as of the
date on which such statements were made US Wireless Online, Inc.
(UWRL) does not undertake any obligation to publicly update any
forward-looking statement to reflect events or circumstances after
the date on which any such statement is made or to reflect the
occurrence of unanticipated events.
Contacts: US Wireless Online, Inc.uwrl@keytechnolabs.com
www.uswirelesscorporation.com