Business
Firstwave Technologies Sells Assets - Company Business Will Continue with Purchaser Operated by Richard T. Brock
Firstwave Technologies Sells Assets - Company Business Will Continue with Purchaser Operated by Richard T. Brock.
About this update from Resonate Blends Inc.
[{"type":"text","content":"CONTACT: Richard T. Brock December 31, 2009Telephone: (678) 672-3125The assets of Firstwave Technologies, Inc. were acquired as of the close of business on December 31, 2009 by Ivy Purchase, LLC, a company owned by Richard T. Brock. Mr. Brock is the CEO of Firstwave and is the largest holder of Firstwave’s outstanding preferred stock. The purchaser, which has employed all of Firstwave’s employees, has assumed substantially all of Firstwave’s liabilities to customers and creditors and its obligations under its customer contracts.“Customers will see no changes in service or personnel,” said Brock. Firstwave Technologies has changed its name to FSTW, Inc. and will no longer have any business operations or assets. There will be no distributions to preferred or common shareholders of Firstwave from the transaction. The independent directors of Firstwave approved the Ivy Purchase transaction after reviewing alternatives available to Firstwave. The independent directors concluded that there was no realistic possibility of a transaction in which there would be any proceeds to shareholders and that the Ivy Purchase transaction was the best available alternative because it satisfied substantially all of Firstwave’s liabilities to customers and creditors and its obligations under its customer contracts, and it provided for the continued employment of Firstwave’s existing employees.","length":2610,"tagName":"div"}]