WebTech Wireless Inc WEWWF

RE: RE: RE: RE: RE: RE: HUGE News

[uranium08]

Keep building the base so we can move up again. The wew team is pulling together to take advantage of the stock options which great leaders and management implement! Way to share the wealth guys!!! see note and quote below.

All in my opinion and insert forward looking statement here.

VANCOUVER, BRITISH COLUMBIA – January 5, 2011 – WebTech Wireless Inc. (TSX: WEW), a leading provider of vehicle fleet location-based services (LBS) and telematics technology, announces that it has completed a voluntary stock option cancellation program offered to all holders of stock options with an exercise price of
.90 per share and above.

Under the terms of the program, options to acquire an aggregate of approximately 3.8 million common shares were voluntarily surrendered for cancellation by the holders. Following this cancellation, there will be a total of 4.7 million options outstanding with strike prices ranging from
.37 to
.75. This cancellation is expected to result in a one-time non-cash charge in Q4 2010 of $1.1million.

“Stock options are a fundamental part of WebTech Wireless’ overall employee compensation program and an important non-cash instrument to incent and drive performance. However, the perceived value to our employees can be distorted by exercise prices that reflect historical volatility rather than future performance. By eliminating these options, we can improve the effectiveness of our compensation package and reduce the total number of shares currently under option," said Andrew Morden, WebTech Wireless’ Chief Financial Officer.