News

Wireless Ventures acquires 4Cash ATM Services

March 25, 2002

NEW YORK - Wireless Ventures Inc. (OTCBB:WLSV), a newly formed corporation, has finalized its agreement to acquire 4Cash ATM Services, a division of IRMG Inc. of Markham, Ontario. 4Cash markets and manages automated teller machines (ATMs) and related services in Canada and the United States.

On May 11, 2001, Wireless Ventures signed a letter of intent to acquire 4Cash.

4Cash is finalizing a deal to own and operate automated cash machines and kiosks in North America. In addition, IRMG management plans to increase the number of ATMs under its management.

In consideration for all of the 4Cash assets, Wireless Ventures will issue IRMG 10 million common shares and 1.1 million five-year warrants to Stephen L. Cussons, Wireless Ventures incoming chief executive officer (CEO), to purchase Wireless Ventures common shares at an exercise price of $0.10 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.

Paul K. Hickey, chairman and interim CEO resigned as an officer and director. Lawrence Fox, David O'Kell and Angelo MacDonald have also resigned as directors.

Cussons will become chairman, president and CEO of Wireless Ventures.