AUSTIN, TX -- (Marketwired) -- 05/21/13 -- WWA Group Inc (OTCBB: WWAG) announced today that the Company's shareholders have approved the acquisition of Summit Digital, Inc. WWA Group shareholders voted in favor of the acquisition, and an amendment to the Company's articles of incorporation to increase the number of authorized common shares in a Special Shareholder's Meeting on May 10, 2013. The Company's form 8-k reporting the measures adopted has been accepted by the Securities and Exchange Commission.
The actual closing date of the merger with Summit Digital is expected to be May 24, 2013, after the amendment to the Company's articles of incorporation are accepted by the state of Nevada.
Summit Digital is a Michigan-based multi-system operator supplying cable television, internet, voice telephony and related services to rural and semi-rural communities in the American Midwest. Summit's strategy is to acquire underutilized Cable systems and upgrade them to provide the full "triple play" packages that dominate the urban cable market, dramatically increasing subscriber counts and per-subscriber revenue.
"Summit is an active company with a solid existing subscriber base, cash flow, a focused business strategy and great potential for expansion," commented outgoing WWA Group CEO Eric Montandon. "We are excited over the acquisition and the potential it creates for WWA Group shareholders."
Tom Nix, CEO of Summit Digital and incoming CEO of WWA Group, stressed that a merger with a public Company is an integral part of Summit's business plan.
"The systems we seek to acquire and upgrade are managed by industry professionals who see the potential in Summit's business plan and are willing to accept shares in a public entity as part of an acquisition agreement," commented Nix. "As a public company we will have far more flexibility in negotiating system acquisitions, which will allow us to grow faster and implement our plan more effectively."
As part of the merger process, Digamber Naswa will resign as director and CFO of WWA Group, and Tom Nix and Stephen Spencer will assume new roles as directors and CEO and CFO, respectively. Eric Montandon will resign as CEO effective immediately, but will retain one of seats on the Company's board of directors.
For further investor information, please contact Eric Montandon or Tom Nix at email@example.com or access our Website at www.wwagroup.com, or Summit Digital's website at www.summitdigital.us.
A number of statements contained in this press release are forward-looking statements. These forward-looking statements involve a number of risks and uncertainties including the timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions, and the ability to secure additional sources of financing as required. The actual results WWA Group may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. WWA Group encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-K and Form 10-Q. WWA Group's public filings may be viewed at www.sec.gov.
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