VTGL News VIANET Direct, Inc. Announces Preliminary Agreement to Merge With VIANET Technology Group Limited: "VTGL News VIANET Direct, Inc. Announces Preliminary Agreement to Merge With VIANET Technology Group Limited
From: NewsBot
Date: July 17, 2005 08:26:58 PM
VIANET Direct, Inc. Announces Preliminary Agreement to Merge With VIANET Technology Group Limited
NEW YORK, July 7, 2005 (PRIMEZONE) -- VIANET Direct, Inc. has reached a preliminary agreement with VIANET Technology Group Limited (OTCBB:VTGL) pursuant to which the parties anticipate that VIANET Acquisition Corp., a newly formed subsidiary of VIANET Technology Group Limited, will merge with and into VIANET Direct, with VIANET Direct as the surviving corporation. The parties anticipate that VIANET Technology Group Limited will issue an aggregate of approximately 21,000,000 shares of its common stock on a fully diluted basis to the holders of VIANET Direct's issued and outstanding common stock, warrants and stock options. Subsequent to the merger, VIANET Direct anticipates that its stockholders on the closing date will own approximately 78% of the common stock of VIANET Technology Group Limited on a fully diluted basis.
The consummation of the merger is subject to standard closing conditions including:
-- execution of a definitive merger agreement that is approved by
each corporation's board of directors;
-- approval of the definitive merger agreement and the merger by
the stockholders of each corporation;
-- receipt of all permits, authorizations, regulatory approvals
and third party consents (including, but not limited to, NASD
approval of the transaction) necessary "
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