July 31, 2003 2:10:00 PM ET
VANCOUVER, British Columbia, July 31 /PRNewswire-FirstCall/ -- Inforetech Wireless Technology Inc.(R) (OTC Bulletin Board: WYRE), (WYRE.BE; Berlin: IIW.BE), a leading supplier of GPS technology for the golf industry, announced today that it has retired additional outstanding debt obligations totaling $2.4 million, citing optimism surrounding the company's financial outlook and international momentum as key. Two of three creditor groups opted for conversion of their entire positions to common stock, converting $1.69 million to common shares with the third converting 75% of its $1 million investment, leaving a manageable $250,000 outstanding. The reduction follows on the heels of $1.25 million in retired debt negotiated earlier this month.
Inforetech Wireless Technology applauds the efforts and cooperation it has received from its creditors as it prepares to launch an international marketing campaign set to kick off early August. "Our credit line is in place and we have successfully managed our corporate debt to decreased levels allowing us to focus our efforts on increased sales and marketing," stated Robert Silzer, Sr., CEO of Inforetech Wireless Technology. "The $2.4 million reduction signifies the continued belief investors have in our management team and enables us to shift the spotlight to the Inforemer(R) and showcase to the world that our GPS technology is the driving force behind this company."
About Inforetech Wireless Technology Inc.
Inforetech Wireless Technology uses global positioning systems (GPS) combined with high-speed wireless communications technology to deliver information systems for the golf industry. The company's product, the first patented communications network that utilizes advanced internet protocols to provide a wireless information system, enhances enjoyment, awareness and skill of the game, increases golf course profits and improves pace-of-play issues. The company's mission is to build and maintain a strong, viable position as an international supplier of GPS-based golf devices. Additional information can be obtained from the company's Web site: www.inforetech.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: The Company's ability to raise finance; global and market conditions within the golf industry; demand for and market acceptance of new and existing products; successful development of new products; the timing of new product introductions; pricing pressures and other competitive factors; the ability to develop and implement new technologies and to obtain protection for the related intellectual property; as well as other risks and uncertainties, including but not limited to those detailed from time to time in the company's Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Other brands and names contained in this release are the property of their respective owners.
Contact Information:
Inforetech Wireless Technology, Inc.
John M. Santoyo
Corporate Investor Relations / Media
(310) 281-2358
(310) 281-2359 facsimile
johns@inforetech.com
Corporate Office:
info@inforetech.com
www.inforetech.com
