Printer Friendly
The Free Library
19,607,059 articles and books
Member login
User name  
Password 
 
Join us Forgot password?

Bizcom USA Announces Shareholder and Board Approval of Sophia Communications Acquisition.


Business Editors

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Nov. 6, 2003

Bizcom U.S.A., Inc. ("Bizcom") announced that a majority of the shareholders of Sophia Communications, Inc. ("Sophia") and the Board of Directors of Bizcom have formally approved the acquisition of certain of Sophia's assets scheduled to close on or before November 14, 2003. In addition, Bizcom and Sophia have completed their respective due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired.  reviews.

On September 19, 2003, Bizcom signed a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment.  with Sophia to purchase substantially all of Sophia's assets, which includes a nationwide ten-channel, two regional and eight economic area 220 MHz (MegaHertZ) One million cycles per second. It is used to measure the transmission speed of electronic devices, including channels, buses and the computer's internal clock. A one-megahertz clock (1 MHz) means some number of bits (16, 32, 64, etc.  SMR (Specialized Mobile Radio) The communications services used by police, ambulances, taxicabs, trucks and other delivery vehicles. Throughout the U.S., approximately 3,000 independent operators are licensed by the FCC to offer this service, which provides always-on  licenses, Sophia's radio technology and other assets. The acquisition is subject to certain remaining conditions, including approval by the FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S.  of the license transfers and negotiation and execution of a definitive purchase agreement. The purchase price would be five million shares of Bizcom's restricted common stock, a promissory note payable due December 31, 2007 in the amount of $2,900,000 and bearing interest of 4% payable semiannually, which will be secured by the common stock of a Bizcom subsidiary that will own the FCC licenses, warrants to purchase one million shares of Bizcom's common stock at an exercise price subject to certain determinations, but not more than $6.00 per share for an exercise period of three years, $300,000 in cash at closing on or before November 14, 2003 and an additional $400,000 on January 31, 2004. The consideration of common stock and warrants will be held in escrow until the FCC formally authorizes Sophia to transfer the license, but Bizcom would take title to all other assets at closing.

Based in Fort Lauderdale, Florida Fort Lauderdale, known as the "Venice of America" due to its expansive and intricate canal system, is a city in Broward County, Florida, United States. The city's population is described as metropolitan, where diverse culture is commonplace. According to 2006 U.S. , Bizcom provides emergency management and first responder software, and wireless voice and data communications equipment See DCE.

Data Communications Equipment - Data Communication Equipment
 for public safety, critical infrastructure, homeland security, and industrial / commercial markets. Bizcom also offers spectrum efficient data and voice communications networks using spectrum from its recently acquired 220 MHz licenses. Bizcom is a public reporting company, and a link to its filings with the U.S. Securities and Exchange Commission and other information about the company can be found on its website at: http://www.bizcomusa.net

Safe Harbor Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and  of 1995: Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. The forward looking statements set forth above involve risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed from time to time in the company's press releases, and public filings with the SEC.
COPYRIGHT 2003 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Nov 6, 2003
Words:432
Previous Article:American Physicians Assurance Corp. Ratings Lowered to 'BBB+' and Put on CreditWatch Negative.
Next Article:Tesoro, United States Marine Corps Partner to Raise Funds for Toys for Tots.



Related Articles
VENETIAN LAUNCHED IN GRAND STYLE.
Bizcom Announces Licensing Agreement With EFJohnson.
CH2M HILL and Bizcom USA Form Alliance To Address Critical Infrastructure Security Concerns.
Bizcom Announces Implementation of 220MHz System with Hoosier Energy.
Bizcom USA and CH2M HILL Form Alliance to Address Critical Infrastructure Security Concerns.
Bizcom USA Purchases 67 Specialized Mobile Radio Licenses And Equipment.
Bizcom U.S.A. Announces Acquisition of 37 Additional 220 MHz SMR Licenses.
Bizcom USA Announces Agreement to Acquire Assets of Sophia Communications.
OMRON Corporation to Acquire the Safety Products Group of Scientific Technologies Incorporated (STI).
New Report 'Mobile Communications - Global Outlook 2006' Recapitulates the Spate of Recent Mergers That Have Irreversibly Changed the Landscape of...

Terms of use | Copyright © 2012 Farlex, Inc. | Feedback | For webmasters | Submit articles