Wizzard Agrees Share Exchange Deal
By: Leon Castles
on Tuesday, April 10, 2012
Most business companies are busy making more deals and acquisitions that can help them to establish their business in the market. In a recent announcement, Wizzard Software Corp which is based in Pittsburgh has said that they are agreeable to the share exchange deal with Digital Entertainment International Ltd that is based in China. The company said that they are fine with the share exchange deal and they will go ahead with the deal with the Chinese firm. According to the share exchange deal, Wizzard Software Corp will have the 100% of the shares of the company also known as FAB locally.
The deal says that Wizzard Software Corp will have the 100% FAB shares in exchange of issuance of the 49% of the Wizzard’s outstanding shares plus two seats on Wizzard’s Board of Directors. There are certain conditions that are mentioned in the deal, Wizzard will then think about it and provide FAB with 78% of Wizzard shares that are in the market. Talking more about the deal, Wizzard Software Corp CEO, Chris Spencer said that FAB has a good market position in China and therefore have gone ahead with the deal. FAB has $15.3 million in net income and they have managed to grow in the last few years. The company said that with this deal they will be able to release their software internationally.