Innovative Communications Technologies, Inc. Acquires Pangea Networks, Inc.
Date : 12/29/2009 @ 7:58PM
Source : MarketWire
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Innovative Communications Technologies
, Inc. Acquires Pangea Networks, Inc.
SEATTLE, WA -- (Marketwire) -- 12/29/09 --
Innovative Communications Technologies, Inc
(PINKSHEETS: ICTN) announces that it has acquired controlling interest in Pangea Networks, Inc. (PINKSHEETS: PGEA) ("Pangea") by way of a share exchange. Pangea operates as Baristas Coffee Company ("Baristas"). The initial transaction closing occurred on December 22, 2009, when an agreement was reached for ICTN to purchase in excess of 60% of the issued and outstanding shares
of Pangea. Under the terms of the transaction, ICTN has offered each shareholder of Pangea the opportunity to exchange each share of Pangea for twenty shares of ICTN. The offer to the current shareholders of Pangea expires in thirty (30) days
The companies will continue to operate as two separate companies and will maintain separate accounting, facilities, and business objectives
This transaction provides the opportunity for ICTN to enter into new and emerging businesses and allows Pangea access to capital and other resources that are necessary for it to continue its expansion plans
Barry Henthorn, ICTN CEO, stated, "I have been extremely impressed with the quality of the team that Pangea has been able to assemble and admire their absolute commitment to the success of its business."
Scott Steciw, Pangea President, stated, "This transaction is tremendously favorable for our investors and enhances our ability to further our business objectives. It has been accomplished and made possible due to the countless efforts of our entire team."
About ICTN: Headquartered in Seattle, Washington, Innovative Communications Technologies, Inc., specializes in developing, marketing, and licensing communications, multimedia, and other businesses to emerging markets
About Baristas: Headquartered in the Seattle, Washington area, Baristas (www.baristas.tv) was formed to create a national brand of drive-thru espresso stands. It is accomplishing this by acquiring established businesses that fit its model and by opening new locations. Baristas employs and promotes attractive female baristas trained to interact with the customers to maximize sales as well as prepare the finest beverages available. All baristas wear constantly changing and appealing costumes, allowing for customers to enjoy the anticipation of a fun, creative, new, and intriguing experience every day
Forward-Looking Statements: This news release includes comments that may be deemed forward-looking within the meaning of the safe harbor provisions of the U.S. Federal Securities Laws. These include, among other things, statements about expectations of future events or transactions, sales of products or performance. Forward-looking statements are subject to risks and uncertainties that may cause the company's results to differ materially from expectations. These risks include the company's ability to execute its business plan, having necessary financing in time to meet contractual obligations and support the business activity, and other such risks as the company may identify and discuss from time to time, including those risks disclosed in the company's current and future filings with the Securities and Exchange Commission. Accordingly, there is no certainty that the company's plans will be achieved
FOR FURTHER INFORMATION contact: T. Scott Steciw (425) 749-2265 Email Contact
