Apr 15 2010
WWA Group, Inc. (OTCBB: WWAG) (“WWA Group”) today announced that its unconsolidated subsidiary Intelspec International, Inc. (“Intelspec”) has executed an agreement to be acquired by Infrastructure Developments Corp (“IDVC”).
On April 7, 2010, a share exchange agreement was executed by and among IDVC, Intelspec, and the shareholders of Intelspec holding a majority of its equity. The closing of the transaction is expected to take place, subject to the satisfaction of customary closing conditions, on or before April 18, 2010. On the closing date, IDVC will acquire up to 100% of the 16,272,490 outstanding shares of Intelspec from its shareholders in exchange for 14,000,000 shares of IDVC. Additionally, pursuant to the terms of the agreement, Raydor International Services Ltd., the principal shareholder of IDVC, has agreed to cancel 9,500,000 shares to incentivize Intelspec to enter into the transaction.
Post closing the shareholders of Intelspec will hold approximately 70% of the issued and outstanding shares of IDVC. Intelspec’s current directors Thomas R. Morgan and Shawn Teigen will be appointed to the board of directors of IDVC when the current directors resign on the closing date.
Intelspec’s CEO, Thomas R. Morgan, stated, “our decision to be acquired by a public company was based on a desire to create a public valuation for Intelspec’s shareholders while obtaining access to prospective finance through public equity markets. We believe this agreement will allow Intelspec to pursue a larger and more diverse number of opportunities as well as open doors to new markets as a publically traded company.”
Eric Montandon, WWA Group’s CEO, stated that “we are pleased with Intelspec’s decision to take the necessary steps to become a public company, and look forward to being able to establish a tangible and realizable value for WWA Group’s investment in Intelspec.”
Source: http://www.intelspec.com/