MRM DISPUTE WITH HI-TECH GROUP
December 7th 2007 06:05
M2M WRANGLE WITH HI-TECH GROUP WON’T AFFECT ASIAN EXPANSION
m2m Corporation Ltd said a dispute has arisen regarding the provision of financial and other information by the Hi-Tech Group which is required
under the binding heads of agreement.
The parties to the heads of agreement agreed late on December 6, 2007 to go to mediation over this matter. A court case, initiated by m2m, has been held over while the mediation takes place.
In view of the delay in the provision of the required financial and other information the settlement date, should this acquisition proceed, has been deferred until February 15, 2008.
m2m said its expansion plans into Vietnam and Hong Kong and China are not affected by this dispute as Hi-Tech has no equipment in Vietnam.
Whizfone Australia Pty Ltd, the owner of Sipme Broadband, has already purchased one piece of equipment necessary for the Vietnam and the Hong Kong-China joint ventures and it is about to order additional equipment and systems which will be installed in late December-early January.
Sipme Broadband is a fully integrated, operational part of the m2m group and is already sending traffic via Profit Way Technology Ltd to Hong Kong and Vietnam.
In addition, the programmers at the recently acquired Xigital have commenced work on converting websites and other systems to Chinese ready for the launch early in the New Year.
m2m is an ASX listed technology investment company with active investments in telecommunications and broadband telephony, digital video and online learning.
Its major investments in telecommunications through its subsidiary Whizfone group of companies has significant infrastructure across the restrictive and high growth Pan Asian region.
Other investments include Bluefish which is the professional’s choice, market leader in the development and supply of high definition and standard definition video cards to film and broadcasting specialists worldwide. Its products are used by major film studios and broadcasters like Sony PCL and Channel 7.
From Peter Olszewski's MediaBlab via Dow Jones' Factiva
m2m Corporation Ltd said a dispute has arisen regarding the provision of financial and other information by the Hi-Tech Group which is required
under the binding heads of agreement.
The parties to the heads of agreement agreed late on December 6, 2007 to go to mediation over this matter. A court case, initiated by m2m, has been held over while the mediation takes place.
In view of the delay in the provision of the required financial and other information the settlement date, should this acquisition proceed, has been deferred until February 15, 2008.
Whizfone Australia Pty Ltd, the owner of Sipme Broadband, has already purchased one piece of equipment necessary for the Vietnam and the Hong Kong-China joint ventures and it is about to order additional equipment and systems which will be installed in late December-early January.
Sipme Broadband is a fully integrated, operational part of the m2m group and is already sending traffic via Profit Way Technology Ltd to Hong Kong and Vietnam.
In addition, the programmers at the recently acquired Xigital have commenced work on converting websites and other systems to Chinese ready for the launch early in the New Year.
m2m is an ASX listed technology investment company with active investments in telecommunications and broadband telephony, digital video and online learning.
Its major investments in telecommunications through its subsidiary Whizfone group of companies has significant infrastructure across the restrictive and high growth Pan Asian region.
From Peter Olszewski's MediaBlab via Dow Jones' Factiva
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