Imerjn Inc. (fka IMJN)

[laurek]

F-8 Trakkers has been canceled
On October 1, 2013, the Company announced that it was to acquire RFID business Trakkers LLC for 2 million preferred shares of Xumanii the preferred shares had a face value of $1, valuing Trakkers at $2 million. This acquisition entered escrow on October 1, 2013. However, the structure of the acquisition was such that it would have added approximately $4 million of debt to the Company while only adding approximately $1.4 million of revenue therefore the Company has taken the view that the is transaction did not meet the conditions required for closing and that it was not in the best interests of the Company to proceed with the acquisition. Therefore, the transaction has been canceled and the Company since successfully identified better acquisition opportunities.

http://www.sec.gov/Archives/edgar/data/1499274/000121465913007054/j121013010q.htm