Business
OneMove Technologies Inc. completes acquisition of 100% of One Move Limited in the United Kingdom
OneMove Technologies Inc. completes acquisition of 100% of One Move Limited in the United Kingdom.
About this update from Osisko Metals Incorporated
[{"type":"text","content":"\n\n\n\nVANCOUVER, May 3 /CNW/ - OneMove Technologies Inc. ("OneMove" or the\n"Company") (TSX.V:OM) is pleased to announce that it has completed a share\nexchange agreement with Neil Patel, founder of One Move Limited ("OneMove UK")\nto acquire the remaining 27.5% equity interest in One Move UK which was held\nby Mr. Patel. As a result of this acquisition, OneMove UK is now a\nwholly-owned subsidiary of the Company.\n\n\nIn exchange for the 27.5% interest in OneMove UK, the Company has agreed\nto issue to Mr. Patel up to 9,626,254 common shares of the Company in four\ntranches, at a deemed price of $0.36 per share. The first tranche of 5,584,169\nshares was issued to Mr. Patel and Mr. Patel transferred his 27.5% interest to\nthe Company effective May 3, 2007.\n\n\nThe issuance of the second tranche of 2,792,085 common shares of the\nCompany is subject to OneMove UK achieving a "break even" financial position\nin any individual calendar month during the period of June, July, August and\nSeptember 2007 and sustaining such position for one additional month\nimmediately following the first month in which the "break even" financial\nposition is achieved. "Break even" for such purposes has been defined as the\npoint where OneMove UK's monthly revenues equal or exceed 1) its operational\nexpenses (less loan interest), plus 2) its monthly loan payments as recorded\nin accordance with Canadian generally accepted accounting principals.\n\n\nAs previously announced, Mr. Patel was also to receive share purchase\noptions contingent on achieving a set projected pre-tax income targets for\nFiscal 2008 and 2009. This provision has been changed such that Mr. Patel will\nreceive common shares of the Company in the third and fourth tranches\ncomprising 750,000 and 500,000 common shares of the Company, respectively, for\nup to 1,250,000 additional shares. The issuance of the third tranche is\nsubject to OneMove UK achieving a revenue target for the financial year ended\nJune 30, 2008, which will be set by the Company's directors prior to the\ncommencement of that financial year. The issuance of the fourth tranche is\nsubject to OneMove UK achieving a revenue target for the financial year ended\nJune 30, 2009, which again will be set by the Company's directors prior to the\ncommencement of ...