VANCOUVER, Feb. 28 /CNW/ - OneMove Technologies Inc. ("OneMove" or the "Company") (TSX.V:OM) is pleased to announce that it has completed a share exchange agreement with One Move Limited ("OneMove UK") founder and owner Neil Patel, to acquire the remaining 27.5% interest of OneMove UK.
The acquisition of the additional 27.5% will make OneMove UK a wholly owned subsidiary of the Company.
In exchange for the remaining 27.5% of OneMove UK, the Company will issue Mr. Neil Patel, approximately 15% of the common shares outstanding in the Company contingent upon the completion of the previously announced private placement by Sprott Securities Inc.
One-third of the common shares to be issued to Mr. Neil Patel are contingent on OneMove UK generating positive cash flow on or before September 30, 2007.
Contingent on meeting a set projected pre-tax income for Fiscal 2008 and 2009, the Company will grant share purchase options to Mr. Neil Patel at the offering price in the amounts of 500,000 and 750,000 respectively.
The Common Shares to be issued to Mr. Patel will be subject to the provisions of Policy 5.4 of the TSX Venture Exchange entitled "Escrow, Vendor Consideration and Resale Restrictions";
"We are pleased to have 100% of OneMove UK operating as a part of OneMove Technologies," stated Martin Johnson, President and CEO of OneMove. "Now we can move forward united as one strong business with certainty of ownership in meeting our targets to produce positive results in the near future."
"I am proud to be a shareholder of OneMove Technologies," stated Neil Patel, President and CEO of One Move Limited (UK) "we are now operating completely as one unit, the benefits of which will be evident to shareholders very soon."
About OneMove Technologies. www.onemovetech.com
OneMove began life by creating a sophisticated software program that brought innovative advantages for all involved in British Columbia's real estate market, a Canadian province where real estate transactions were already near perfect. OneMove then jumped into the British market offering a one-stop shop designed to simplify all aspects of moving. It currently operates in the British Columbia and U.K. markets. OneMove facilitates efficient communication between parties such as lawyers, conveyancers, realtors, lenders, buyers and sellers. OneMove's U.K. operation also offers a one-stop online shop for home buyers to access real estate listings through the largest property search portal, its unique insurance product, and its association of service providers which include realtors, solicitors and lenders (www.onemove.com).
Forward Looking Statements:
This press release contains certain "forward looking statements". These statements relate to future events or future performance and reflect expectations and belief regarding growth, results of operations, performance, business prospects, opportunities or industry performance and trends. These forward looking statements reflect current internal projections, expectations or beliefs and are based on information currently available. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. Although it is believed that the forward looking statements contained in this press release are based upon reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date of this press release, and OneMove Technologies Inc. assumes no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws.
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or accuracy of this news release.
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