Better On-Line Solutions (BOS)'s Board of Directors approved the contemplated transaction with Catalyst Investments (Catalyst), in relation to which a term sheet was signed to purchase most of Catalyst's shares in Surf Communications (Surf).
In exchange for the purchase BOS will issue and allocate 19.9 percent of its current outstanding shares to Catalyst. As a result, Catalyst will hold 16.6 percent of the outstanding BOS shares, after the issuance.
BOS shall have an option to purchase the remaining Catalyst shares in Surf and until such purchase shall be granted voting rights in these Surf shares, in addition to being entitled to profits resulting from the sale of these shares to a third party.
BOScom, a wholly owned subsidiary, develops, produces and markets value-enhancing communication and networking products for enterprises. The Company's IP Telephony division provides telephony solutions that leverage a corporation's existing equipment infrastructure.
The Company's legacy division offers solutions for IBM mid-range-to-PC and LAN connectivity, and printing solutions that are operating system independent. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
