|
BEIJING--(BUSINESS WIRE)--All Asia Licensing, Inc. (Pink Sheets: AASI) today announced the signing of a Memorandum of Understanding (MOU) to acquire an aggregate 51% equity interest in privately-held MoneyBar Technologies, Inc. of Vancouver, BC., subject to certain terms and conditions.
The MOU provides for the payment to MoneyBar Technologies of $6,936,000 in cash and the issuance of 6,936,000 shares of restricted common stock of All Asia Licensing. The MOU further provides a payment procedure for All Asia Licensing commencing with an initial payment of $250,000. In no event shall the final payment be later than May 4, 2009.
The MOU is subject to satisfaction of due diligence by both parties, the creation of a final definitive contract, approval of both Boards of Directors and the completion of funding, among other things.
“MoneyBar Technologies substantially reduces the handling of cash, paper and other costly methods of tracking, reporting and payment and replaces them with electronic card systems that lower clients’ costs, increase their profits and enhance their customers’ experience,” according to Anthony Lee, CEO of All Asia Licensing.
“We believe that MoneyBar Technologies is an innovative leader in multi-use card processing,” Lee said.
“Through its proprietary electronic transaction, MoneyBar Technology operates real-time payment, marketing and loyalty programs for its clients. MoneyBar Technology earns fees for each transaction processed,” he pointed out.
“We believe that by working outside the bank interchange network and avoiding the costs involved, MoneyBar Technology’s private card management system allows for aggressive pricing and excellent profitability potential,” Lee said. “Furthermore, these low costs focus on the very market that banking competitors deem unprofitable or marginally profitable for them,” he added.
MoneyBar Technologies, Inc. enables businesses and organizations of any size to launch and manage their own private electronic transaction systems to enhance marketing, speed delivery and simplify administrative burdens. MoneyBar Technologies’ offices are located in Vancouver, British Columbia with technical staff located in Salt Lake City, Utah.
All Asia Licensing, Inc. is a major conduit for investors to access the rapidly growing Chinese economy. By acquiring a controlling stake in unique Chinese businesses, providing capital and international-minded management, All Asia Licensing creates an opportunity for these companies to prosper in their own industries. Working with small-to-medium sized companies, All Asia Licensing assists clients by using a comprehensive suite of services of business management, consulting services and technical support through specialist networks.
For more information, contact our Investor Relations:
Tel: +1866 575 6854
Email: ir@allasialicensing.com
Safe Harbor Statement:
“Safe Harbor Statement” Under the Private Securities Litigation Reform Act of 1995:
Certain statements in this Press Release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These statements include, without limitation, statements concerning the impact of the settlement agreement on our future business prospects and our ability to successfully complete the commercialization of the Netsweeper products in China. These forward- looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include the risk that the settlement agreement will not produce the results we intend and all of the risks inherent in commercializing a new product (including technology risks, market risks, financial risks and implementation risks, as well as other risks and uncertainties affecting the Company), included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov. We disclaim any intention or obligation to revise any forward-looking statements, including, without limitation, financial estimates, whether as a result of new information, future events, or otherwise.
|
