02/13/03 Koala Announces Route1 Corporation Acquisition Terminated
TORONTO--(BUSINESS WIRE)--Feb. 13, 2003--Koala International Wireless, Inc. ("Koala" or the "Company")(KIWI - news) announced today that the Board of Directors for both Koala and Route1 Corporation ("Route1") have mutually agreed not to complete the closing of the Share Exchange Agreement (the "Agreement") as contemplated. Under the terms of the canceled Agreement, Koala was to acquire all of the issued and outstanding shares of Route1 in a proposed exchange for 6,000,000 shares of the Company.
Pursuant to the finalization of the Agreement between Route1 and the Company on October 8, 2002, the Company was to file a Preliminary Information Statement and a Definitive Information Statement on 14C with the SEC, followed by a mail copy of the Information Statement to all shareholders of the Company. Purchase Shares would then be issued to the respective shareholders of Route1 Corporation.
Subsequent to October 8, 2002, the Company did not file the Information Statement with the SEC and Purchase Shares were not issued to the shareholders of Route1. The Company did not change its name to Route1 International Corporation and the Share Exchange did not close. As outlined in the Share Exchange Agreement, the transaction could be mutually terminated by both parties prior to closing. As the Share Exchange has not closed, Route1 and Koala have mutually decided not to pursue the Share Exchange any further.
This material includes forward-looking statements based on management's current reasonable business expectations. In this document, the words "will," "upon," "develop(ment)" and similar expressions identify certain forward-looking statements. These statements are made in reliance on the Private Securities Litigation Reform Act, Section 27A of the Securities act of 1933, as amended. There are numerous risks and uncertainties that could result in actual results differing materially from expected outcomes. The material should be read in conjunction with the Company's current annual and quarterly reports filed with the SEC, which contain discussions of currently known factors that could significantly impact the Company's future expectations.
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