No instead of Footfridge, Belmont Partners is merging another company into FFBU. Many here are hoping for Belmont Partners China connection to make this a China reverse merger play. Still only 24 million shares OS.
On March 24, 2007, the Company acquired 100% of the common stock of Footfridge Pty Ltd ("Footfridge") in exchange for a $1,000,000 convertible promissory note. Accordingly, the acquisition has been recorded as an intangible asset purchase with no goodwill recognized. The patent was recorded at $1,000,000, which was the estimated fair value of the note payable on the acquisition date. This agreement was rescinded on August 21, 2007, whereby the promissory note was cancelled and the Footfridge common stock was returned to the seller.
On July 7, 2007 the Company signed a letter of intent to facilitate a merger,acquisition or other combinational transaction with Belmont Partners, LLC (the"Buyer"). The Buyer's intent is to purchase a controlling interest in the Company's public vehicle (the "Vehicle") for a purchase price of $500,000. Upon acquisition of the Vehicle, the buyer would agree to effectuate a reverse merger of the Vehicle with a target company whereby the Vehicle would remain the surviving corporation.
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