NEW YORK, Oct. 4, 2012 /PRNewswire/ -- Wanderport Corp. (OTC Markets-PINKSHEETS: WDRP) In a bold move to reinforce his dedication and strong belief in the direction of the company, Wanderport is pleased to announce Mr. Robert Simoneau, Wanderport's Technical Advisor and Product Licensor and majority shareholder has entered into a new agreement to restrict trading on his entire original block of shares received as compensation for the distribution rights to the "first of its kind" eco-friendly electric microwave energy tank-less water heating technology.
Wanderport has remained faithful to shareholders by refusing to increase the company's total outstanding shares since 2010. To be consistent with this and to reinforce shareholder confidence, Mr. Simoneau has agreed to place the totality of his 400 million shares received in consideration for the distribution rights to the revolutionary technology (balance remaining after the return of 100 million shares to treasury from original 500 million) in escrow for the next two quarters. The new agreement is the second of a similar agreement which had expired on March 31, 2012. Since then, Mr. Simoneau has made no attempt to remove the restrictive legend to sell the shares into the market. In fact, this agreement prevents any trading of the shares and avoids them from diluting the market in accordance to the Addendum's terms and conditions effective October 1, 2012 and set to expire on March 31, 2013. Special reference to the new share restriction will be made in Wanderport's upcoming third quarter financial disclosure and a copy of the agreement will be filed as EXHIBIT "L" "ADDENDUM II TO LICENSING AGREEMENT" and submitted on www.otcmatkets.com - (ticker symbol WDRP, then choose the "Financial" tab.
"As I always said, I am in for the long haul and I have increasing confidence in my belief in how the market will accept this technology's verifiable performance efficiency results by a reputable independent laboratory. By locking up my shares, it allows Wanderport to focus the necessary efforts and resources towards establishing and growing their market strategy and the price per share should take care of itself once implemented,'' stated Robert Simoneau.
"Since Mr. Simoneau's convalescence after his operation on October 17th, 2011, his energy, effort and performance levels were not always at their peak, although he remained a team player. Despite last year's physical toll on his health, we look forward to building great things together," said Mr. Richard Martel, Wanderport's President and CEO. "It is my belief that the price per share at hand is not a true reflection of what the technology could represent in today water heating marketplace and Robert's renewed commitment to the company and its shareholders will assist him to eventually optimize the value of his shares. Furthermore, after seeking Mr. Simoneau's confirmation, I am delighted to reiterate my intent to release the name of the third party laboratory on or before October 18th, 2012, where I also intend to announce a firm date upon which the lab's performance efficiency results will be made public," continued Mr. Martel.
About Wanderport Corporation:
Wanderport Corporation is a publicly traded company which acquired the global exclusive licensing, distribution and proprietary rights to a unique microwave energy tank-less water heater solution. The company has been dedicated to converting the technology into a marketable eco-friendly, efficient product. Wanderport's objective is to build a sound and profitable company by marketing and distributing the world's first revolutionary alternative to existing less-efficient water heating systems. The proprietary heat engine technology was the proud recipient of the 2005 TIPTA award (TCA; Toronto Construction Association, Innovative Product and Technology Award), awarded by the National Research Council of Canada recognizing excellence in product innovation and technology development.
Important Information About Forward-Looking Statements:
Statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services to be offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating efforts. Forward-looking statements are projections of events, revenues, income, future economics, research, development, reformulation, product performance or management's plans and objectives for future operations. In some cases you can identify forward-looking statements by the use of terminology such as "may", "should", "anticipates", "believes", "expects", "intends", "forecasts", "plans", "future", "strategy", or words of similar meaning. While these forward-looking statements and any assumptions upon which they are based are made in good faith and reflect current judgment regarding the direction of the business operations of Wanderport Corporation, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this press release. These statements are predictions and involve known and unknown risks, uncertainties and other factors, including the risk that Wanderport Corporation cannot execute its business plan for lack of capital or other resources, distribution, licensing/acquisition opportunities or internal partnering issues or restructuring/resignation which may modify existing licensing agreement, arrangements and/or contractual obligations, as well as the risks described in the periodic disclosure documents filed on OTCMarkets.com by Wanderport Corporation, copies of which are also available on the company's website. Any of these risks could cause Wanderport Corporation or its industry's actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements in this press release. Except as required by applicable law, including the securities laws of the United States, Wanderport Corporation does not intend to update any of the forward-looking statements to conform these statements to actual results.
SOURCE Wanderport Corp.