Blackbird International Corporation is in the final stages of the acquisition of SDE Ltd. It had previously released news that it had exchanged a Letter of Intent with SDE Ltd for purposes of a merger.
Blackbird shall acquire 100% of the shares of the target company in exchange for restricted stock.
“We are delighted to announce that following the recent exchange of a mutually acceptable Letter of Intent to acquire the outstanding shares of SDE Ltd, all necessary due diligence has been successfully completed by both Parties, ” said John Pedder, the company’s president .
“The last remaining procedural item is the signing of a definitive agreement and share exchange. This is the final stage of the negotiations and both companies are committed and on track to close the transaction by the beginning of July. There will be no change in the current authorized and issued capital of the company as we had adjusted our equity base earlier in the year in order to elicit merger options. As stated previously, this new opportunity represents a complete change of direction for the company and the chance to create long lasting shareholder value. We are very excited by the growth prospect provided by SDE Ltd world leading technology. The shareholders will be kept informed of developments.”
Mr. Shmuel Ovadia, CEO, S.D.E. Ltd , added: “We are 100% committed to this merger and it fits perfectly into our strategic plans providing the type of dynamic opportunity for growth that only equity and capital markets can provide. Our technology is world leading and timely. We will provide more comprehensive updates to existing and potential shareholders following the merger transaction.”