Target Date NOV 9
ID Four to Acquire Controlling Interest in Cyberfast Systems Inc.
ID Four to Acquire Controlling Interest in Cyberfast Systems Inc.
SAN DIEGO, Oct 29, 2001 (BUSINESS WIRE) -- ID Four Ltd. (OTCBB:IDFR) and
Cyberfast Systems Inc. (OTCBB:CYSI) today announced that ID Four Ltd. is
acquiring controlling interest in Cyberfast Systems Inc.
Both companies are conforming to the terms of an NDA (Non Disclosure Agreement)
and signed binding Letter Of Intent (LOI). The terms and conditions of the
acquisition comprise of a combination of stock and cash, along with a closing
date of Nov. 9, 2001.
Effective Nov. 9, 2001, ID Four will merge the company's TLCO Software division
with Cyberfast Systems as a wholly owned subsidiary. The merger will include all
IDC Technology: licenses, rights, other proprietary codes and inventory, and
meet all the requirements and criteria to complete a successful merger of the
two companies. Cyberfast Systems will be relocated to ID Four's corporate
offices in La Jolla, Calif.
The successful completion of the TLCO/Cyberfast merger will significantly
benefit the shareholders of both ID Four and Cyberfast Systems. The newly
combined fully reporting company will have new opportunities to increase
revenues and profits. The revised structure will allow financial expansion and
added exposure opportunities for both companies in many corporate areas of the
technology sector.
TLCO Software is a leader in the distribution of Intelligent Digital
Communications [IDC] technology to PC users and strategic business partners
worldwide. IDC Information is available at www.idfour.com.
The board of directors of Cyberfast Systems Inc. today further announced the
inclusion of ID Four's CEO, R. Pawson, to Cyberfast's Board. Pawson will be
appointed to chief executive officer (CEO) effective Nov. 9, 2001.
Cyberfast Systems largest creditors have agreed to take over all of the existing
assets and liabilities of the company. The current board members will resign
from the board of directors at closing, meeting all of the requirements and
criteria of the contract. Simultaneously the new board of directors for
Cyberfast will be appointed from the current ID Four management team.
The Board of Directors, ID Four Ltd.
"Safe Harbor" statement under the Private Securities Litigation Reform Act Of
1995: This release contains forward-looking statements that are subject to risks
and uncertainties, including, but not limited to, the impact of competitive
products and pricing, product demand and market acceptance, new product
development, reliance on key strategic alliances, availability of raw materials,
the regulatory environment, fluctuations in operating results and other risks
detailed from time to time in the Company's press releases.
Preview the New Cyberfast Web site under construction at:
www1.tlcosoftware.com
CONTACT: TLCO Software
Christine Kincaid, 858/456-3524
ckincaid@idfour.com
URL: businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2001 Business Wire. All rights reserved.
-0-
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS
SOFTWARE
MERGERS/ACQ
SOURCE:
ID
Four
Ltd.
STOCK SYMBOLS: [(idfr)]\ [(cysi)]
ID Four to Acquire Controlling Interest in Cyberfast Systems Inc.
ID Four to Acquire Controlling Interest in Cyberfast Systems Inc.
SAN DIEGO, Oct 29, 2001 (BUSINESS WIRE) -- ID Four Ltd. (OTCBB:IDFR) and
Cyberfast Systems Inc. (OTCBB:CYSI) today announced that ID Four Ltd. is
acquiring controlling interest in Cyberfast Systems Inc.
Both companies are conforming to the terms of an NDA (Non Disclosure Agreement)
and signed binding Letter Of Intent (LOI). The terms and conditions of the
acquisition comprise of a combination of stock and cash, along with a closing
date of Nov. 9, 2001.
Effective Nov. 9, 2001, ID Four will merge the company's TLCO Software division
with Cyberfast Systems as a wholly owned subsidiary. The merger will include all
IDC Technology: licenses, rights, other proprietary codes and inventory, and
meet all the requirements and criteria to complete a successful merger of the
two companies. Cyberfast Systems will be relocated to ID Four's corporate
offices in La Jolla, Calif.
The successful completion of the TLCO/Cyberfast merger will significantly
benefit the shareholders of both ID Four and Cyberfast Systems. The newly
combined fully reporting company will have new opportunities to increase
revenues and profits. The revised structure will allow financial expansion and
added exposure opportunities for both companies in many corporate areas of the
technology sector.
TLCO Software is a leader in the distribution of Intelligent Digital
Communications [IDC] technology to PC users and strategic business partners
worldwide. IDC Information is available at www.idfour.com.
The board of directors of Cyberfast Systems Inc. today further announced the
inclusion of ID Four's CEO, R. Pawson, to Cyberfast's Board. Pawson will be
appointed to chief executive officer (CEO) effective Nov. 9, 2001.
Cyberfast Systems largest creditors have agreed to take over all of the existing
assets and liabilities of the company. The current board members will resign
from the board of directors at closing, meeting all of the requirements and
criteria of the contract. Simultaneously the new board of directors for
Cyberfast will be appointed from the current ID Four management team.
The Board of Directors, ID Four Ltd.
"Safe Harbor" statement under the Private Securities Litigation Reform Act Of
1995: This release contains forward-looking statements that are subject to risks
and uncertainties, including, but not limited to, the impact of competitive
products and pricing, product demand and market acceptance, new product
development, reliance on key strategic alliances, availability of raw materials,
the regulatory environment, fluctuations in operating results and other risks
detailed from time to time in the Company's press releases.
Preview the New Cyberfast Web site under construction at:
www1.tlcosoftware.com
CONTACT: TLCO Software
Christine Kincaid, 858/456-3524
ckincaid@idfour.com
URL: businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2001 Business Wire. All rights reserved.
-0-
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS
SOFTWARE
MERGERS/ACQ
SOURCE:
ID |
