EGM International, Inc. (EGML) Announces the Signing of a Letter of Intent Regarding a Merger with GID Solutions Co., Ltd.
Business Wire “Press Releases – English”
LOS ANGELES –(BUSINESS WIRE)– EGM International, Inc. (Pink Sheets:EGML), a Delaware corporation and GID Solutions Co., Ltd. (GID) a Japanese corporation, have signed a Letter of Intent with respect to the principal terms and conditions under which EGM International, Inc. will acquire one hundred percent (100%) of the outstanding capital stock of GID in exchange for sixty percent (60%) of the total issued and outstanding common stock of EGM International, Inc. Subject to shareholder approval, the merger is expected to be finalized on or about the close of business, December 31, 2010 . In accordance with the terms of the letter of intent, the company will change its name to GID International, Inc. , and the company will immediately apply for a new CUSIP number and trading symbol to reflect the name change.
Based in Tokyo, Japan , GID is engaged in the development and distribution of fiber optic interconnect products and medical diagnostic technology. For more information visit: http://www.gid-s.jp.
In accordance with the terms of the LOI, at the closing of the merger, all current officers and directors of the company will resign, and Noboru Ayabe will be appointed CEO, President and Director and Issei Sakata will be appointed Treasurer, Secretary and Director.
The parties hereto acknowledge that this letter does not contain all particulars upon which the agreement will be reached in order for the acquisition to be consummated. Further, among other conditions specified herein or otherwise agreed to by the parties, the obligations of all parties are subject to further negotiations.
Forward-Looking Statements: The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ from expectations reflected in those statements. The company undertakes no obligation to publicly alter or revise projections to reflect actual events or circumstances that may arise after date of publication.
EGM International, Inc. Ms. Emi Takeyama , 213-624-1800
Source: EGM International, Inc.