Source: Simplex Solution
Simplex Solutions Inc. ("Simplex ") (CNQ: SPLX) confirmed today that it has executed a letter of intent regarding the potential sale of its UK subsidiary, Simplex Consulting Ltd ("Simpelx Consulting") to FinTech Group, Inc. ("FinTech") (Other OTC:FTCG.PK - News).
Simplex will now enter negotiations with FinTech regarding the terms for the proposed sale of Simplex Consulting Ltd.
FinTech has proposed to purchase all of the share capital of Simplex Consulting by issuing 5 million common shares out of its treasury to Simplex. FinTech currently has 10,757,617 common shares outstanding and the last trade price for its shares completed on November 17, 2006 was US$1.12. The completion of the transaction is subject to the satisfaction of conditions customary to transactions of this nature, including the completion of satisfactory due diligence, the entering into of definitive agreements and obtaining shareholder and regulatory approval. It is anticipated that the closing of the transaction will take place during the first quarter of 2007. Following the completion of the transaction, Simplex Consulting Ltd. will become a wholly-owned subsidiary of FinTech.