DXN Completes Acquisition of Qiji Future Transaction
At 07:00 on January 5th, Eastern Time (20:00 January 5th, Beijing time), DXN Wireless (Nasdaq: CNTF) today announced that the company has completed the acquisition of Qiji Future Technology (Beijing) through an all-stock transaction ) Co., Ltd. (hereinafter referred to as "Qiji future") all equity transactions. Based on the closing price of DXN's American Depositary Shares (ADS) on the NASDAQ market on July 28, 2009, the transaction's future valuation of Qiji is $ 12 million.
DXN Wireless also agreed to provide $ 500,000 in working capital. According to the acquisition agreement, if Qiji ’s future net profit does not exceed $ 8 million in fiscal year 2010 and net profit does not exceed $ 10 million in fiscal year 2011, the number of common shares issued by DXN Wireless will be adjusted.
Dexin Wireless Chairman and CEO Dong Defu said: "We expect this transaction will bring a boost to the company's future business. We believe that this important acquisition will help the company customize its customers' brands for corporate users and operators. Business. We believe that this brand business will bring DXN Wireless other business opportunities in the long term, and we are very optimistic about the prospect of Qiji becoming an important brand of DXN Wireless.
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