Was Globalnet purchased for $1.1 million? And now IDNW market cap is around $300 million?
On May 20, 2003, Growth Enterprise Fund, S.A. ("GEF"), a Panamanian corporation, and GlobalNet Systems, Inc. ("GNSI"), a wholly-owned subsidiary of GEF and a Florida corporation, entered into a Stock Purchase Agreement (the "Stock Purchase Agreement") with The Titan Corporation ("Titan"), a Delaware corporation, and its wholly-owned subsidiary, GlobalNet, Inc. ("GlobalNet"), a Nevada corporation, whereby GNSI agreed to acquire 100% of the issued and outstanding common stock of GlobalNet from Titan in exchange for the assumption of certain liabilities of Titan (the "assumed liabilities"), and certain cash payment totaling approximately $1,100,000. |
