Canadian tech distribution firm declares bankruptcy

Canada’s Wireless Age Communications Inc. pulled the plug on its troubled technology distribution business.
The Toronto-based company declared the bankruptcy of mmwave Technologies Inc., a subsidiary that distributes components for wireless, digital, optical and microwave use. Shimmerman Penn Title & Associates Inc. will serve as trustee in the bankruptcy and is charged with liquidating mmwave’s assets and distributing proceeds to creditors.
“We take this step with mixed emotions, primarily because so many employees, suppliers and customers were harmed by the insolvency,” said Wireless Age CFO Gary Hokkanen. “However, there is a benefit: by acting now, the company will not consolidate the insolvent mmwave balance sheet into the consolidated group in the second quarter. There will also be a substantial discontinued operations gain recorded in the second quarter.”
Wireless Age will continue to distribute mobile devices and accessories in North America under the Wireless Source brand. The company also operates retail stores in western Canada and plans to expand across the rest of the country.