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Friday, January 27, 2012 12:42:52 PM
According to the 8K, "Illume" is merging INTO "I Acq Corp", which is a wholly owned subsidiary of OPMG. But is PhoneGuard a product of OPMG, or of I Acq Corp?
Now at http://www.tcc5.com/reverse-mergers.htm it defines:
A reverse merger is a complex method that a private company uses to become a publicly traded corporation. Reverse mergers or reverse takeovers, happen when a public company that is no longer actively involved in business and has limited assets - that's why it's called a shell company or shell corporation - joins, or merges, with a private company. The private company buys most of the outstanding shares of the shell company, gaining control and seating its own board of directors. The resulting merged business entity becomes a new operating company and may change its name to better reflect the newly merged company's business purpose.
So is Illume a private or public company? Is I Acq Corp the private company? Will the joint of these two companies become a new "PhoneGuard, Inc" and separate from OPMG?
Im confused...
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