Ci4net.com Acquires Leisure Concepts in Reverse Merger
LONDON, Dec. 20 /PRNewswire/ -- Ci4net.com, Inc., a privately held Delaware company, today announced the acquisition of Leisure Concepts International, Inc. (OTC Bulletin Board: LSCE - news) through a reverse merger. Ci4net.com, a European Internet holding company with majority holdings in 22 portfolio companies, is similar in structure to CMGI, Inc. and Internet Capital Group. As part of today's agreement, Leisure Concepts International, Inc. completed a 1-for-15 reverse stock split. The new entity will trade on the Over The Counter Bulletin Board Market under ticker (CIFND).
Ci4net.com is actively engaged in European business-to-business, business-to-consumer e-commerce and Internet infrastructure and enabling technologies. Ci4net's primary focus is on the European market, with additional partner companies in Australia and the United States.
Kevin Leech, president of Ci4net.com, commented, ``Ci4net is an Internet holding company focused on maximizing shareholder value in the rapidly growing European Internet marketplace, one that has the potential to be larger and grow faster than the U.S. market. The Company is well positioned to fully exploit the European opportunity by leveraging a prudent incubator structure and focusing on building and acquiring the best business-to-business, business-to-consumer and Internet infrastructure companies. The Company is continuously evaluating strategic investments to complement and expand its current holdings.'
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Little is known about the company which trades on the OTCBB counter. They named some former executives (from Toy, CBS, Dell etc).
In the meantime.... CIFN rose from $5 to $75.
Unfortunately, there are no filings yet; so I can not estimate the market capitalisation. Recently they completed $60Million equity placement of which 2MM have been taken by Counsel (CXSN).
To be continued... |
