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MB Tech Closes the Revised Share Exchange Agreement to Acquire 51% of Metaware Co. Ltd.
LAS VEGAS, Mar 06, 2006 (BUSINESS WIRE) -- Hanwook Bae, chief executive officer of MB Tech (OTCBB: MBTT), announced today that MB Tech has closed the share exchange agreement with Metaware Co. Ltd., as he signed the revised share exchange agreement on Feb. 28, 2006, to acquire 51% of Metaware Co. Ltd. in exchange for 62,400,137 shares of MB Tech, and he completed the closing conditions of the agreement. By the same transaction, the shareholders of Metaware shall have 43.34% of the post-merger consolidated capitalization of MB Tech, approximately 143,968,943 shares. Metaware provided their shareholder list and their stock certificates to MB Tech on March 3, 2006. The board of directors of MB Tech resolved and directed to cause the transfer agent to issue new stock for the shareholders of Metaware.
All the directors of MB Tech resigned pursuant to the share exchange agreement. However, in the interim, Bae and Sangeon Park will act as directors until the shareholders of Metaware elect a new board of directors.
Both Metaware and MB Tech will then try to complete the acquisition of the balance 49% held by a company on KOSDAQ, the Korean Stock Exchange, by the end of 2006.
"Even though the closing was delayed due to the internal process of Metaware and its shareholders, we are trying to our best to activate the business combination between companies. Two subsidiaries, Faserwave and Metaware, already have begun to develop the products for the European market. As the new board of directors is composed, MB Tech will accelerate with U.S. business with the stronger Metaware position," said Bae.
-------------------- Trading is a blast!! Posts: 4921 | From: Rhode Island | Registered: May 2005
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MB Tech Closes the Revised Share Exchange Agreement to Acquire 51% of Metaware Co. Ltd. Business Editors
LAS VEGAS--(BUSINESS WIRE)--March 6, 2006-- Hanwook Bae, chief executive officer of MB Tech (OTCBB: MBTT), announced today that MB Tech has closed the share exchange agreement with Metaware Co. Ltd., as he signed the revised share exchange agreement on Feb. 28, 2006, to acquire 51% of Metaware Co. Ltd. in exchange for 62,400,137 shares of MB Tech, and he completed the closing conditions of the agreement. By the same transaction, the shareholders of Metaware shall have 43.34% of the post-merger consolidated capitalization of MB Tech, approximately 143,968,943 shares.
Metaware provided their shareholder list and their stock certificates to MB Tech on March 3, 2006. The board of directors of MB Tech resolved and directed to cause the transfer agent to issue new stock for the shareholders of Metaware.
All the directors of MB Tech resigned pursuant to the share exchange agreement. However, in the interim, Bae and Sangeon Park will act as directors until the shareholders of Metaware elect a new board of directors.
Both Metaware and MB Tech will then try to complete the acquisition of the balance 49% held by a company on KOSDAQ, the Korean Stock Exchange, by the end of 2006.
"Even though the closing was delayed due to the internal process of Metaware and its shareholders, we are trying to our best to activate the business combination between companies. Two subsidiaries, Faserwave and Metaware, already have begun to develop the products for the European market. As the new board of directors is composed, MB Tech will accelerate with U.S. business with the stronger Metaware position," said Bae.
Safe Harbor Act Disclaimer
Not all the statements contained in this release and statements that the companies may make orally in connection with this release are historical fact, and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those forward-looking statements, as such statements involve risks and uncertainties that could significantly impact the company's business, and the actual outcome and results may differ materially.
KEYWORD: ASIA PACIFIC NORTH AMERICA NEVADA UNITED STATES SOUTH KOREA INDUSTRY KEYWORD: TECHNOLOGY HARDWARE MERGER/ACQUISITION SOURCE: MB Tech
CONTACT INFORMATION: Princeton Research Inc. Mike King, 702-650-3000
Posts: 5120 | Registered: Jun 2004
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This one has gone pink now. Had big volume last week now they bringing it down to a new 52 week low. This one will have its day. Just take advantage of the down low here. Looking for a nice sweet bounce on this one.
-------------------- Ride that wave Posts: 87 | From: Hawaii | Registered: Jan 2006
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posted
GLEN left late day. Only had a few just as I expected. This one should do nicely now.
Posts: 1343 | From: Rome Georgia | Registered: Oct 2004
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