Check out OpenEC, we have some huge news out on a aquisition of a software company in China. This is huge news for OpenEC as you will see in teh new release. The shares in the aquisition will be issued at 15 cents so at 7.5 cents right now is dirt cheap. Have a look at the news though, and I am sure you will be impressed.
OPEN EC TECHNOLOGIES, INC. ANNOUNCES SIGNING OF TERM SHEET TO ACQUIRE CHINA-BASED SHENZHEN JINHUAYE SOFTWARE LTD. (“HEADWARE”) North Vancouver, BC – Open EC Technologies, Inc. (“Open EC” or the “Company”) (TSX-V:OCE; OTC:OCEIF) is pleased to announce that Shenzhen Jinhuaye Software Ltd. (“Headware”) and the Company have executed a term sheet (the “Term Sheet”), approved by the Company’s Board of Directors, which outlines the basic terms of a proposed agreement between the parties whereby the shareholders of Headware (the “Vendors”) have granted Open EC the sole and exclusive right to purchase sixty percent (60%) of the issued and outstanding shares of Headware from the Vendors for the purchase price of $2,300,000 Cdn (the “Transaction”). In addition, the Vendors have granted Open EC an option to purchase the remaining forty percent (40%) of the issued and outstanding shares of Headware for cash consideration of $1,500,000 Cdn (the “Option”). The Option shall remain in effect for a period of one year from the date of closing of the Transaction. Upon the closing of the Transaction and the subsequent exercise of the Option the Company shall own, including and without limitation, all of the issued and outstanding shares of Headware, all of Headware’s assets and liabilities, all of the rights and obligations of any contracts to which Headware is a party, all of Headware’s ongoing business operations, including the operations of its subsidiaries, if any, the rights to the intellectual property of Headware and the rights to the services of Headware. Pursuant to the Term Sheet, the purchase price of $2,300,000 Cdn shall be satisfied in full by payment of $500,000 Cdn cash and $1,800,000 Cdn paid through the issuance of 12,000,000 Open EC shares at a deemed value of $0.15 per share. The Open EC shares shall be escrowed pursuant to an Exchange defined Securities Escrow Agreement between Open EC and the Vendors. The Term Sheet is subject to the completion of due diligence by Open EC and the execution of a formal share purchase agreement which share purchase agreement will be subject to Board of Director approvals from both companies, receipt of audited financial statements prepared according to Canadian GAAP and pursuant to securities regulations, acceptance of the share purchase transaction by the TSX Venture Exchange (the “Exchange”) and completion of a minimum $500,000 Cdn financing by the Company. The key feature of the Headware acquisition is to combine the two company’s software solutions, expertise, resources and knowledge into solutions that will increase overall profit growth for the organization. 1. Headware will provide the entry to penetrate the Chinese supply chain marketplace for Open EC’s subsidiary, SoftCare EC Solution Inc.’s (“SoftCare”) e-Business, EDI and file broker solutions. 2. SoftCare will provide entry into North America for the Headware Mobile Commerce (mCommerce) software solutions and specialized software development services. 3. SoftCare can leverage Headware’s lower labour cost of software development to advance its e- Business software development and to gain product competitive advantages with substantially lower costs. This can provide the Company with revenue growth, by selling more sophisticated solutions, and profit, by delivering the solution at a lower internal cost. 4. The combination of SoftCare and Headware software and solutions will provide both companies with a uniquely competitive solution for the e-Business Telco/Wireless/Service Provider/Retailer/Financial markets. These are emerging markets in North America and internationally, with high growth potential and world wide market appeal.
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