TRANSGLOBE INTERNET AND TELECOM CO., LTD. ("TTI.H")
BULLETIN TYPE: Property-Asset or Share Disposition Agreement, Remain Suspended
BULLETIN DATE: October 16, 2014
NEX Company
TSX Venture Exchange has accepted for filing, a Management Contract dated October 15, 2012 between the Company and Pro Omnis Telecommunication Ltd. (?Pro?) (formerly GIS Omnis Holdings Ltd.) whereby the Company has agreed to sell and Pro has agreed to purchase the Company?s business and all of its related assets from the Company including all accounts receivable, accrued billings, customer database, software, hardware, furniture and any other assets required to operate the business. Pro shall pay $641,055 which consists of $368,995 (current liabilities as at November 30, 2012 ? paid); $172,060 (shareholder loans due to Albert Ahn); and $100,000 plus accrued interest (convertible debentures due to Albert Ahn). Disinterested shareholder approval was obtained at the Company?s Annual General and Special Meeting that was held on September 22, 2014.
The Company?s business involves voice-over internet protocol (VoIP), pre-paid and post-paid long distance services, digital centrex lines and wholesale carrier service business.
The transaction is non-arm?s length since Albert Ahn is a director of the Company and is also the father of Simon & Peter Ahn, his adult children and Principals of Pro.
For further information, please refer to the Company?s news releases dated July 2, 2013 and August 29, 2014.
Remain Suspended
Trading in the Company's securities will remain suspended.
Members are prohibited from trading in the securities of the Company during the period of the suspension or until further notice.
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