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Motopia Ltd To Acquire Priority Processing Systems Pty Ltd; Announces Redesignation Of Chairman


Thursday, 7 Mar 2013 05:25pm EST 

Motopia Ltd announced that it has agreed, subject to due diligence, to commercial terms for an all scrip acquisition of Priority Processing Systems Pty Ltd (PPS). PPS has identified a business opportunity in the supply of a range of financial transaction based services into a diverse range of industry sectors. These include customer engagement program operators, clubs and associations, utilities, funds, unions, merchant groups and charitable organizations. Under the terms of the agreement the 1,000,000,000 ordinary shares and any performance shares issued as consideration for the acquisition, will be canceled if specified performance targets are not met by PPS within 18 months from the date of the acquisition. The Company also announced that its Executive Chairman, Mr. Frank Vetrone will now serve as Non-¬≠Executive Chairman of the Board of the Company. 

Company Quote

0.0020
0.0010 +100.00%
8 Apr 2014