U.S. Wireless Data, Inc. Enters Into Agreement and Plan of Merger with StarVox Communications, Inc. and Provides $3,200,000 Financing
Friday June 16, 9:05 am ET
LOS ANGELES--(BUSINESS WIRE)--June 16, 2006--U.S. Wireless Data, Inc. (OTCBB:USWI - News) announced today that it has signed an Agreement and Plan of Merger with StarVox Communications, Inc. In the merger, StarVox will become a wholly-owned subsidiary of USWI, and the shareholders and other security holders of StarVox will receive approximately 72% of the issued and outstanding shares of USWI on a fully-diluted basis.
The closing of the transaction is subject to certain conditions. There can be no assurance that the merger will be consummated or, if consummated, that the businesses will be successfully integrated.
In addition, on June 14, 2006, USWI provided StarVox with a $3,200,000 loan for working capital. Such loan is payable on demand on or after September 30, 2006, bears interest at the rate of 10% per annum and is secured by the assets of StarVox |
