News

Wireless Ventures finalizes agreement to acquire 4Cash ATM Services

January 1, 2002

NEW YORK -- Wireless Ventures Inc., a Delaware corporation whose shares are quoted on the NASD's Over-The-Counter Bulletin Board under the symbol WLSV says it has finalized its agreement to acquire the Canadian ISO 4Cash ATM Services.

In consideration for all of the 4Cash assets, Wireless Ventures shall issue to IRMG 10 million common shares and 1.1 million five-year warrants to Stephen L. Cussons to purchase Wireless Ventures common shares at an exercise price of 10 cents per share.

Subject to the achievement of certain net profit objectives, IRMG shall earn an additional 10 million common shares and 5 million three years warrants. Wireless Ventures has also entered into a three-year management services agreement with IRMG for the management of the company.

Effective immediately, Cussons shall be appointed chairman, president and chief executive officer of Wireless Ventures. Paul K. Hickey, chairman and interim CEO, has resigned as an officer and director. In addition, Lawrence Fox, David O'Kell and Angelo MacDonald have also resigned as directors.

4Cash, a division of IRMG Inc., an Ontario company located in Markham, Ontario, markets and manages ATMs and related services in Canada and the U.S.