HONG KONG, March 18, 2013 /PRNewswire via COMTEX/ -- Sitoa Global Inc. (OTCQB: STOA) ("Sitoa" or the "Company"), announced today that it entered into a Letter of Intent with IRIS Corporation Berhad ("IRIS"), a leading, diversified, technology company, listed on the Malaysian Stock Exchange and the owner of certain selected waste-to-energy assets; and other Renewable Energy and waste to energy "Pipeline Project" assets, owned by third-party owners and with whom IRIS will secure appropriate agreements to these projects, technologies, rights and obligations (the "IRIS Renewable Energy Business") in respect of a proposed transaction in which Sitoa will purchase IRIS Renewable Energy Asset plus waste-to-energy assets owned by other third parties in exchange for common shares in Sitoa. On completion of the acquisitions, IRIS will become the majority shareholder of Sitoa as a result of the share exchange and Sitoa will pursue the development of the acquired renewable energy business in accordance with IRIS's business plan. The terms of the acquisition will be more particularly set forth in the Definitive Agreements to be mutually agreed upon by the Parties and the acquisition expects to be completed by the end of the Second Quarter, 2013.
IRIS and Sitoa, both of which are technology companies, identified the Waste-To-Energy and Renewable Energy businesses as a growing and timely priority and thus appropriate to be acquired by Sitoa because they could potentially achieve an attractive valuation on a U.S. Stock exchange, enhance shareholder value, attract growth capital and expand its business.
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