Addition to Share Structure
The completion of this acquisition will put total O/S at approximately 385 million. Of which more than 205 million will be held by insiders and large shareholders.
IA Global, Inc. (the “Company”) announced the signing of a letter of intent to acquire 100% of Zest Corporation Co Ltd and Zest Home Co Ltd (“Zest”), both Japanese companies, from Kansai Trust Co Ltd. Zest reported revenues of 2.37 billion JPY or approximately $28 million at current exchange rates and was profitable during the year ended March 31, 2010.
Zest is engaged in the custom home design and construction business for middle class families looking for high quality at reasonable prices. Zest operates out of 3 locations in Central Japan (Himeji, Tatsuno, and Kakogawa) under an exclusive license from Universal Home Co Ltd.
Established in 1997, Zest is expected to be acquired for the equivalent of 80,000,000 JPY or approximately $890,000 at the current exchange rates. The acquisition is expected to be financed through the issuance of 33,333,333 shares of IAGI common stock (or the equivalent of 60,000,000 JPY at $0.02 per share), with the balance funded through debt.
The letter of intent is subject to (i) approval of the acquisition by the Board of IA Global, Inc. and (ii) agreement to customary terms and conditions, including a prohibition on issuance of new shares, options or warrants by the parties. The acquisition is expected to close by August 31, 2010.
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