Blackbird International Corporation announced that it has finalized the procedures for 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.
The date for the signing of the Agreement is set for August 15, 2014.
“We are pleased to announce that the due diligences as well as all accessory issues, legal and accounting, have been resolved and that both parties are proceeding with the execution of the Agreement. The effective date of the transaction shall also be the closing date of August 15th,” states John Pedder, president. “The last remaining procedural item is the nomination of the new board of directors which will be done at the closing date. As stated previously, this new opportunity represents a complete change of direction for the company and the change will 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 will provide more comprehensive updates to existing and potential shareholders following the merger transaction.”