|
VANCOUVER, BC Oct. 1, 2009 -- Fireswirl
Technologies Inc. ("Fireswirl" or the "Company") is
pleased
to announce that it has completed its previously announced
acquisition, through Fireswirl Technologies (Shenzhen) Co., Ltd.
("Fireswirl Shenzhen"), a wholly-owned subsidiary of the Company
incorporated under the laws of the People's Republic of China, of 50%
of all rights and interests in Beijing Xingchang Xinda Technology
Development Co., Ltd. ("XCXD") in consideration for up to 6,058,673
common shares of the Company (the "Transaction").
Pursuant to the terms of the Transaction, the Company acquired 50%
of all rights and interests of XCXD, including 50% of any before tax
profit, in consideration for up to 6,058,673 common shares of the
Company, where 3,029,337 shares were issued on closing of the
Transaction and 3,029,336 shares (the "Milestone Shares") are being
held under escrow, releasable upon XCXD achieving certain profit
milestones for its fiscal year ended December 31, 2009. In the event
that the milestones are not reached, the Milestone Shares will be
returned to the Company for cancellation. The Company also has the
option to acquire the remaining 50% rights and interests of XCXD in
2011 at a price determined in accordance with an agreed multiple of
XCXD's pretax profit in 2010, subject to TSX Venture Exchange approval.
Fireswirl Shenzhen has the right to exercise, at all meetings of
shareholders, 51% of all voting rights attached to the issued and
outstanding XCXD shares held by the XCXD shareholders.
All common shares issued pursuant to the Transaction are subject to
a hold period that expires four months and a day from the closing date
fin accordance with applicable Canadian Securities rules.
About Fireswirl Technologies Inc.
Fireswirl Technologies Inc. is focused on
creating transactional revenue by engineering electronic and mobile
commerce solutions for content providers. The Company's technology has
broad applications for those requiring multiple payment interfaces,
multi-currency and multi-language capabilities. It can be adapted to
any industry seeking high volume or micro-payment solutions involving a
wide base of users through internet or wireless applications.
Information Source: Marketwire
|
