Subsequent to October 31, 2004 we entered into a letter of intent ("LOI") whereby we will acquire 100% of the common shares of Astreya Partners, Inc. ("AST") for total consideration of $2 million and 1,500,000 common shares of our company. Of the total consideration, $1,100,000 is to be paid at the closing of the transaction and the remainder of $900,000 is to be paid in twelve quarterly instalments of $75,000 with the first payment due three months from the signing of a definitive agreement. The 1,500,000 common shares will be issued upon the closing of the transaction. The closing of the transaction is subject to our due diligence and that of AST, and to financing. AST is a technology consulting firm that is based in San Jose, California and is a hardware reseller of security and networking products, and provides technology consulting. We believe that this acquisition will be able to provide our company with synergies that will create business opportunities for expansion in both Canada and the United States. This LOI will dramatically change our organization with the addition of 23 people added to our team
AST has revenues in access of $12 million for the year ended June 30, 2004, and has over 400 customers ranging from multi-national public organizations to single site local companies.
We expect to change our corporate head office to San Jose once the transaction has been completed but still maintain it back office operation functions in our Toronto office.
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dude is a PRICK.........makes no money and brag's like he does........runnin' around sayin' he makes 1,000% gainer's ....he's a JOKE.......ignore him ........
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"HERE'S MY 2 CENT'S, SEE IF YA CAN TURN IT INTO A BUCK"
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