ANOTHER CCK.A?
XS Technologies Inc -
Major transaction
XS Technologies Inc XSTShares issued 37333391998-06-11 close $0.235Wednesday Jun 17 1998Ms. Stephanie Ho Lem reports XS Technologies has entered into a letter agreement to acquire all of the outstanding shares of EnviroTrac Technologies of Calgary, Alberta, for $3,025,000. This is to be paid through a cash deposit of $25,000 and by the issuance of 8,000,000 XS shares at 37.5 cents per share. EnviroTrac is the proprietary designer of a vehicle and asset tracking product which addresses the growing worldwide problem of vehicle thefts. Since 1996, the company has been manufacturing, marketing and servicing a unique tracking system, MobileTrac, which incorporates GPS based tracking software and hardware. MobileTrac is marketed as a protective vehicle recovery system to the consumer market, as well as providing an advanced fleet management tool to the transport industry. Since launching MobileTrac, EnviroTrac has executed six international contracts, valued at $7,000,000 over three years, and the company is in negotiations to secure another 11 contracts. This acquisition is intended to qualify as the major transaction of XS in accordance with the policies of the Alberta Securities Commission and the Alberta Stock Exchange. Completion of the transaction pursuant to the letter agreement is subject to receipt of all necessary regulatory approvals, completion of satisfactory due diligence, minority shareholder approval and the execution and delivery of a formal agreement of purchase and sale. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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