MIAMI, May 13, 2015 /PRNewswire/ — Power Clouds Inc. (www.powerclouds.com) (OTC Pink: PWCL) announces today that its Board of Directors has approved a dividend consisting of 13,812,850 of the 15,095,000 common shares it currently holds in World Media & Technology Corp. (“WRMT”). PWCL is currently the controlling shareholder of WRMT. Upon the completion of the transaction, PWCL will maintain a 4.5% ownership position in WRMT.
WRMT has today filed a Form S-1 with the Securities and Exchange Commission (“SEC”) for the registration of the 13,812,850 shares being distributed. These shares will be freely tradable, other than those held by Mr. Fabio Galdi, PWCL Chairman and WRMT’s CEO, following an effective declaration from the SEC.
Shareholders of PWCL will receive one (1) share of WRMT common stock for every six (6) PWCL shares of common stock that they hold as of the record date. The record date shall be defined as the first business day following an effective statement from the SEC in regards to the Form S-1 filing. It is difficult to predict with precision when this effective statement will be obtained, if at all.
WRMT operates in the rapidly growing global wearable technology market and also in the provision of Mobile Virtual Network Operator (“MVNO”) wireless services. The term “Wearable Technology” refers to any electronic device or product that can be worn by a person to integrate computing in his daily activity or work and use technology to avail advanced features & characteristics. According to recent research by leading industry analysts, the global wearable technology device market is forecasted to grow from$3.7 billion in 2013 to $8.3 billion by 2018. By volume, the market is expected to increase 30 percent CAGR from 35.7 million to 134 million units in the same timeframe. Analysts believe that ‘wearables’ will live up to the “hype,” and smart devices have the ability to become standalone devices rather than smartphone accessories. WRMT’s first product, LUMINA™ Glasses, that it recently launched, is one such device. For more information see http://www.worldmediatech.com/lumina-glasses.
A March 2015 report by Grand View Research, a market analyst, suggests that the global MVNO market size was $35.92 Billion in 2013 and is expected to reach $73.20 Billion by 2020. In the same report, global MVNO subscribers are expected to exceed 300 million by 2020. An MVNO is a wireless communications services provider that does not own the wireless network infrastructure over which it provides services to its end customers. Instead it purchases network services from a mobile network operator and sets its own retail prices independently. WRMT has established its SPACE Wireless MVNO to address specific customer needs in the United States and plans to expand to other countries throughout 2015. More on space wireless can be found athttp://www.worldmediatech.com/space-wireless.
The main reasons for the spin-off are to allow:
- PWCL to exclusively focus on the development of renewable and sustainable energy projects worldwide by having a clear focus on planning, creating and managing photovoltaic solar power plants all over the world.
- WRMT to exclusively focus on operating in the rapidly growing global wearable technology market and provision of MVNO wireless services.
- The investment community to better understand the underlying value of each company and their operations, given that each company currently operates in two totally distinct markets. This should allow for more accurate valuations of each company in the future.
Fabio Galdi, Chairman of PWCL and Chief Executive Officer of WRMT said, “We are very pleased to announce the spin-off of WRMT, by way of a dividend, to shareholders of PWCL. Following the acquisition of Power Clouds in March of this year, the Board of Directors felt that spinning off WRMT now will allow us to extract value for PWCL shareholders in the future as shareholders of two separate publicly quoted companies. We firmly believe that this move will allow the investment community to better understand the immense potential of each company in their respective markets. This action is a further indication of our commitment to both our core vision and our shareholders and should allow the markets to lend greater market value consideration to each company separately rather than as a group.“
What you should expect on the spin-off:
- All PWCL shareholders will maintain their current share positions in PWCL after the spin-off.
- If you hold your PWCL shares in a brokerage account, your WRMT shares of common stock will be credited to that account and will be freely tradable upon listing. If you hold your PWCL shares in certificated form, a certificate representing shares of your WRMT common stock will be mailed to you by the distribution agent.
- No shareholder of PWCL will be required to make any payment or exchange any PWCL shares in order to receive WRMT common shares in the distribution.
- PWCL will bear all of the costs of the distribution, and WRMT is bearing the costs of the S-1 Registration Statement.
- Investors who would like to participate in the WRMT spin-off must purchase PWCL shares in the open market no later than the record date.
WRMT’s SEC Form S-1 can be viewed in its entirety on the SEC website by visiting the following link: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001568693&owner=exclude&count=40&hidefilings=0
About Power Clouds Inc.
Power Clouds develops renewable and sustainable energy projects worldwide and engages in planning, creating and managing photovoltaic plants all over the world. It identifies optimal locations for its solar plants and then supports these projects with the coordination of business development activities and the strategic resources of engineers, suppliers, skilled builders and partner companies. With operational plants in Romania and activities in Japan and other worldwide locations, the Company has a core team of experts and project managers operating at international level, who have specific expertise in photovoltaics, the green economy and who have a proven ability to deliver the highest technical and cutting-edge solutions. For further information about how the Power Clouds model works, see www.PowerClouds.com.
The Company also currently operates through three additional and wholly owned subsidiaries: Cellad Inc., a digital media company based in Ireland operating in the global mobile advertising industry; World Global Assets Pte Ltd (WGA) based in Singapore and which owns the Wor(l)d Global Network Pte Ltd brands, trademarks and technology; and World Media and Technology Corp. (“WRMT”), an OTC listed company operating in the wearable technology and communications arena. Additional information on these companies may be found at www.worldmediatech.com and www.cellad.com.
This press release contains forward-looking statements. Words such as “expects,” “intends,” “believes,” and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company’s filings with the OTC Markets Group and with the SEC. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
SOURCE Power Clouds, Inc.