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M2M CORP AVOIDS COURT ACTION OVER ITS PROPOSED HIGH-TECH GROUP ACQUISITION

December 21st 2007 00:36

M2m Corporation Ltd has mediated to avoid court action of its proposed acquisition of the Hi-Tech Group.
Yesterday it informed the ASX that the dispute, which it reported on December 7, had arisen regarding the provision of financial and other information by the Hi-Tech Group that was required to be provided under the binding heads of agreement.
M2m advised then that both parties had agreed to go to mediation over this matter.
As a result of the mediation process, m2m has now received undertakings that the information sought will be provided, and the Court case it initiated regarding the non-provision of the required information will be discontinued.

The settlement date has been extended to February 22, 2008.

- From MediaBlab
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Posted By: JJ McRoach - Category: No Category
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