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US Wireless Data executed a letter of intent setting the preliminary terms and conditions of a proposed merger transaction between USWI and StarVox
April 26, 2006
LOS ANGELES -- U.S. Wireless Data, Inc. (OTCBB:USWI) announced today that it has executed a letter of intent which sets forth the preliminary terms and conditions of a proposed merger transaction between USWI and StarVox Communications, Inc. ("StarVox"). In connection with the merger, the shareholders of StarVox will exchange their shares of capital stock in StarVox for capital stock of USWI. The number of shares of USWI stock to be received by the shareholders of StarVox will be dependent upon certain events and conditions at the time of the closing.
The closing of the transaction is subject to certain conditions, including execution of a definitive merger agreement and the completion of due diligence. There can be no assurance that the merger will be consummated or, if consummated, that it will be consummated on the terms set forth in the letter of intent.
In addition, on April 20, 2006, USWI provided StarVox with a $300,000 bridge loan. Such loan is payable 120 days from the date of the loan, bears interest at the rate of 10% per annum and is secured by the assets of StarVox.
StarVox Communications Inc.
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