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Wialan Technologies Announces Corporate Name Change and Addition to Board of Directors(January 21, 2014)
SUNRISE, FL -- (Marketwired) -- 01/21/14 -- Wialan Technologies, Inc. (OTC Pink: ACYD) ("the company"), a next generation wireless telecommunications provider, announces today that effective January 22, 2014, the Company will change its corporate name to Wialan Technologies, Inc. The Company's common stock has been assigned the following new CUSIP number: 96685A107 and will trade under the following ticker: WLAN. Outstanding stock certificates are not affected by the name change and do not need to be exchanged.
Additionally, the Company has brought on Alan Bailey as Chief Financial Officer and Board Member. Mr. Bailey has extensive experience working with Fortune 500 companies in accounting, finance, mergers, acquisitions and global cash management.
Previously, Alan was a Senior Financial Executive with Paramount Pictures for 35 years, including being its Senior Vice President and Treasurer. In this capacity, he was responsible for Paramount's global cash management and control; internal audit and compliance; business continuity/disaster recovery; cash planning and forecasting; individual and film slate financing and investor reporting/compliance; corporate finance (including receivable financing); international financial reporting; tax planning and corporate structuring and compliance. Alan J Bailey was Senior Vice President and Treasurer at Paramount Studios from 1975 to 2009 during which time Paramount was the most successful Hollywood studio. In 2013 he served as CFO of American Community Development Group during the merger with Wialan, and has now returned as CFO and will also serve as a board member.
In other news, corporate Secretary, Andrew Connolly, has stepped down from his position with Wialan and as member of the board. He will focus on his personal business but will remain a valued advisor.
About Wialan Technologies
Wialan, a next generation Wireless telecommunications provider, is poised for exponential growth from their five years of successful R&D, sales and installations of their impressive WiFi solutions spanning 10 countries. They have established a track record of successful installations in airports, municipalities, apartment buildings, parks, marinas and other locations that require a superior and more robust communication footprint than conventional WiFi providers. Among the outstanding features available with Wialan's wireless 802.11n 300 Mbps solutions is the capability of real-time live color video streaming for many simultaneous end-users, which can help companies with video on demand services to deliver their services wireless without using the Internet.
Safe Harbor: Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, risk inherent in the company's domestic and international operations, imprecision in estimating product reserves and the company's ability to replace and expand its holdings. For additional information, visit the websites below or contact the undersigned directly:
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