MPSS (.021x.025) in agreement to acquire Modern MFG Services Inc.
RANCHO SANTA MARGARITA, Calif., Feb. 8 /PRNewswire/ -- MPEG Super Site, Inc. (OTC Bulletin Board: MPSS - news), has announced today that it has entered into an agreement to acquire Modern MFG Services Inc., doing business as VirtualRFQ in a stock for stock transaction.
MPEG Super Site Inc. entered into a Plan of Merger and Agreement with Modern MFG Services, Inc., a Washington corporation that owns 100% of VirtualRFQ. The Merger Agreement was adopted by the unanimous consent of the Board of Directors of MPEG Super Site, Inc. and Modern MFG Services, Inc. Final approval of the Merger Agreement and all its terms and conditions will be subject to the approval of the MPEG Super Site, Inc. shareholders. The Company is in the process of preparing for immediate dissemination, proxy materials to its shareholders in preparation for a shareholder meeting. The Agreement contains, among other items, a twenty to one reverse stock split of the MPEG Super Site, Inc. capital share structure and a name change to Modern MFG Services, Inc.
VirtualRFQ intends to provide a comprehensive Internet based service website for e-procurement specifically targeted to the manufacturing industry. This business to business portal creates an e-venue for Job Shops and Purchasing Agents to effectively network. The backbone of the site is a feature that utilizes a state of the art encryption technology that allows the Request For Quote process virtual accessibility via the Internet. This feature will provide both a cost effective and time efficient tool in the management of the manufacturer's order process. Another key component of the site will be ``Virtual Tools,'' a section that provides subscribers an arena to identify resources for industry standards and technical support. There will be an Online Forum, which will allow members to discuss issues and ask questions relating to the manufacturing industry with other members as well as industry experts. An Industry Events section, providing current industry news, trade shows, in depth feature articles and other noteworthy events. For more information regarding Modern MFG Services, Inc., visit www.VirtualRFQ.com.
SOURCE: MPEG Super Site, Inc.
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