MIAMI, Oct. 10, 2017 (GLOBE NEWSWIRE) -- World Media & Technology Corp. (OTC:WRMT) (the “Company” or “WRMT”), a leading developer of wearable devices embedded with Life Sensing Technology and dedicated to improving wellness worldwide, today announced the entry into definitive material agreements, enabling it to complete a series of strategic actions that resulted in the return and cancellation of its Series A Super Voting Preferred Stock, leaving the Company with only one class of shares and no warrants.
In addition, the Company has also secured the intellectual property rights to the Helo Classic, Helo LX and other Helo devices and technologies currently under development (such as the glucose algorithm, mosquito shield and blood oxygenation monitoring).
Following a year where the Company has shipped its devices under a licensing model, WRMT has now become fully engaged in manufacturing its wearable devices. The Company has also strengthened its relationship with its exclusive distributor, World Global Network Pte. Ltd. (“WGN”), who has proven itself by shipping over 500,000 Helo devices since Q4 of 2016. Under these material agreements, WGN will only purchase directly from WRMT, ensuring that WRMT secures the full wholesale price for its devices, rather than just a license fee. For further details on these agreements, please see https://www.otcmarkets.com/stock/WRMT/filings.
“As we continue to focus on driving a corporate-wide transformation initiative, we are pleased to have the opportunity to reorganize our capital structure and streamline our operations,” stated Sean McVeigh, President and Chief Executive Officer. “With the return and cancellation of the Series A, we have eliminated a toxic preferred security. Additionally, by acquiring certain key intellectual properties from WGN, we have successfully transformed our existing licensing business model into a full-service operating model, thereby increasing our projected revenues, margins and profitability starting Q4 of 2017. This transformation is an important milestone designed to demonstrate not only the strength of our strategic direction, but to provide greater transparency of our business plan and our ability to generate long-term shareholder value.”
About World Media & Technology
WRMT is a technology, design and data company. We have developed Life Sensing Technology that is embedded into innovative, connected, wearable devices that we design. We are also a Big Data global provider and have developed software capability to aggregate our wearer data. Our database contains extensive multi-ethnic, biometric and vital signs data, which not only informs our in-house development, but is also available on an anonymized basis to corporate partners and third-party app developers. We continuously gather data from our wearers in an effort to build a leading database which may enable our partners to determine new insights and identify new trends generated from our wearer data. For further information, see www.worldmediatech.com
Forward Looking Statement
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties, Further information regarding these and other risks is included in the Company's filings with the OTC Markets. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.
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Source:World Media & Technology Corp.