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 at
http://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.
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SOURCE Power Clouds, Inc.
