Business
OneMove(TM) Announces Agreement to sell its U.K.-based Subsidiary
Company to focus resources on domestic operations VANCOUVER, Feb. 13 /CNW/ - OneMove Technologies...
About this update from Osisko Metals Incorporated
[{"type":"text","content":"\n\n\n\nCompany to focus resources on domestic operations\n\n\nVANCOUVER, Feb. 13 /CNW/ - OneMove Technologies Inc. ("OneMove" or the\n"Company") (TSX-V: OM), a leading web-based real estate transaction platform,\ntoday announced that it has signed a binding memorandum of understanding\n("MOU") for the sale of its U.K.-based wholly owned subsidiary, OneMove\nLimited, to Neil Patel, CEO, OneMove Limited. The sale is expected to close on\nor before February 28, 2008.\n\n\nUnder the terms of the agreement, Mr. Patel will return to treasury all\n5.6 million of his currently held shares in OneMove that were issued to him as\nconsideration for the original purchase of OneMove Limited. OneMove Limited\nwill issue a debenture to OneMove for approximately (pnds stlg)1.2 million, to\nbe paid out over a term of 10 years. OneMove will renounce ownership of\nOneMove Limited, returning all shares held, and provide (pnds stlg)175,000 in\nfunding, 50% of which OneMove Limited will repay by way of the debenture. In\naddition, the representatives for each company will step down from the other\ncompany's Board of Directors, and the companies will enter into a brand\nsharing and a software royalty license agreement, the terms of which will be\nfinalized upon closing.\n\n\n"We believe these changes will strengthen our financial position over the\nlong-term," said Martin Johnson, President and CEO, OneMove. "We have\ndemonstrated continued strong growth in B.C., with transactions processed more\nthan doubling year-over-year. However, sales in the U.K., while growing, have\ndeveloped more slowly than expected. As a result, we believe it is prudent to\neliminate our direct investment in the U.K. real estate market at this time\nand focus our financial resources on continuing to drive domestic growth. With\nthe sale of OneMove Limited, we will be able to better capitalize on the\nopportunities in the fastest growing segment of our business and deliver on\nthe full potential of our B.C. operations, while still participating in the\ngrowth of the U.K. market through the software licence agreement."\n\n\nAbout OneMove Technologies Inc.\n\n\nOneMove Technologies Inc. (TSX-V: OM) is a real estate transaction\nplatform, currently serving the British Columbia, England and Wales real\nestate markets. By combinin...