WAVERIDER COMMUNICATIONS INC rpts change in assets, important event, financial
statements & exhibits.
Excerpted from 8-K filed on 06/30 by WAVERIDER COMMUNICATIONS INC:
WAVERIDER COMMUNICATIONS INC rpts change in assets, important event, financial statements & exhibits.
Item 2. Acquisition of Transformation Techniques Inc.
On June 15, 1999, WaveRider Communications Inc. ("WaveRider" or the "Company"),
finalized a merger agreement between Transformation Techniques, Inc. ("TTI") and
a newly incorporated subsidiary, TTI Merger Inc. The new subsidiary subsequently
changed its name to WaveRider Communications (USA) Inc.
Under the terms of the merger agreement, WaveRider issued 256,232 shares of
common stock, having a market value of $442,000 and paid $253,985 in cash on
closing and will pay an additional $99,000, in monthly installments over the
subsequent 11 months to Mr. Peter Bonk, the sole shareholder of TTI, and TTI was
merged into TTI Merger Inc. Prior to the merger agreement Mr. Bonk had no
shareholding in or affiliation with WaveRider. The cash portion of the purchase
has been and will be paid from working capital. Of the cash proceeds, $94,985
was immediately paid by the former shareholder to the new subsidiary to retire
an existing shareholder loan.
TTI is a leader in the design and manufacture of wireless radio frequency
communications systems, offering wireless data, bridging and LAN connectivity
systems in both licensed and unlicensed frequencies. TTI has product design,
manufacturing and head office facilities in Cleveland, Ohio as well as sales and
support operations in San Diego, California and Baton Rouge, Louisiana.
WaveRider intends to further develop TTI's existing sales and support
infrastructure to increase its expansion into the US, in a new subsidiary,
WaveRider Communications (USA) Inc.
(End of item excerpt.)
Item 5. Other Events
The Company moved it's principal executive offices to 255 Consumers Road, Suite
500, Toronto, Ontario, Canada M2J 1R4. The Company's phone number has remained
the same.
(End of item excerpt.)
Item 7. Financial Statements
Financial Statements are not being presented as the merger does not meet the
requirements necessary as outlined in Rule 3-05 of Regulation S-X
Exhibits
10.1 Merger Agreement between WaveRider Communications Inc. and TTI Merger Inc.
and Transformation Techniques, Inc. and Peter Bonk dated June 15, 1999.
10.2 Employment agreement between Mr. Peter Bonk and WaveRider Communications
(USA) Inc, dated June 11, 1999.
------------------------------------------------------------------------
DISCLAIMER:
The information provided through this news feed is excerpted from documents
filed with the Securities and Exchange Commission (SEC) and should not be
relied upon without review of the full documents filed with the SEC. In no
event will Internet Financial Network, Inc., its officers, directors,
employees, stockholders or agents, be liable to you or to any third party for
any damages, costs or expenses arising or incurred in connection with any
action taken or failure to act that is based upond the information contained
in or omitted from this news feed or the documents filed with the SEC.
ifn.com
|
