CNCG NEWS...Concierge Technologies to Acquire Planet Halo
TUESDAY , APRIL 06, 2004 08:00 AM
LOS ANGELES, Apr 6, 2004 (BUSINESS WIRE) -- Concierge Technologies, Inc. (OTCBB:CNCG) today announced that a definitive Stock Purchase Agreement has been signed that, when consummated, will result in the acquisition of Planet Halo. Planet Halo, based in Ventura, CA., is a privately owned development stage company involved in the wireless telecommunications industry through the design, manufacture, sale and distribution of hardware and services that include a hand-held wireless Internet appliance/cell phone known as the "Halo," a wireless gateway interface to the Internet, and installation and sale of wireless broadband Internet access over Wi-Fi 802.11(x) protocols. The companies have been involved in discussions over the past 18 months but have been unable to resolve valuation issues until now.
Allen Kahn, Chairman of Concierge Technologies, commented, "We have been searching for the right partner who would bring shareholder value through an acquisition strategy and I'm pleased to say we have found one such company. Planet Halo is right on target with their niche market approach to Wi-Fi, the newly designed 'Halo' voice/data device for GPRS systems, and their wireless gateway. We are staying with our strategy of providing personal communication services, including unified messaging, and Planet Halo will provide the needed boost to immediately enter that marketplace."
Marc Angell, CEO of Planet Halo, added, "Planet Halo has spent the last 3 years in development stage operations researching the market and designing our approach. With the Halo device now readied in prototype phase, the gateway in operation, and our Wi-Fi strategy ready to implement, we are poised to begin commercial operations. Concierge will provide us the visibility and the added management expertise to make this transition a success. We are excited to become part of this dynamic new team."
The proposed transaction will result in Concierge Technologies acquiring 100% of the outstanding shares of Planet Halo in a cash-free, pro-rata share-for-share, exchange of stock. The current shareholders of Concierge Technologies will retain majority control over the combined entity and Planet Halo will continue operations as a wholly owned subsidiary of Concierge Technologies with Marc Angell remaining as its President and Chief Operating Officer. The proposed transaction is subject to the approval of the respective Boards of Directors, and the production of certain exhibits to the Stock Purchase Agreement by Planet Halo. This agreement supersedes all other agreements earlier announced or contemplated by Concierge and Planet Halo. The companies anticipate the transaction closing within the next 30 days.
The statements contained in this press release that are not historical facts are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of our future performance, acquisitions or dispositions of interests, debt obligations, additional financing requirements, the effect of economic conditions generally and in the communications and information technology markets specifically, and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. These and other factors may cause actual results to differ materially from those projected.
SOURCE: Concierge Technologies, Inc.
CONTACT: Concierge Technologies, Inc.
David Neibert, 818-610-0310
dneibert@wallengroup.com
www.pcahome.com
or
Planet Halo
Marc Angell, 805-658-0057
marc@planethalo.com
www.planethalo.com
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