Bullet Announces Intent to Acquire Comcam International, Inc.Business Editors
SAN DIEGO--(BUSINESS WIRE)--Nov. 8, 2001
Bullet Environmental Technologies, Inc. (OTCBB OTCBB
See OTC Bulletin Board (OTCBB). :BLLE) ("Bullet") announced today that it has entered into a binding letter of Agreement to acquire all of the issued and outstanding shares of COMCAM COMCAM Combat Camera INTERNATIONAL, INC. ("Comcam"), a privately held Delaware Delaware, state, United States
Delaware (dĕl`əwâr, –wər), one of the Middle Atlantic states of the United States, the country's second smallest state (after Rhode Island). technology corporation which has developed a technology for video compression Encoding digital video to take up less storage space and transmission bandwidth. See video codec and data compression.
video compression - Compression of sequences of images. and other information over low bandwith wireless and traditional networks.
Comcam is positioned to be a world leader in the growing global market of fixed and mobile cameras by providing leading-edge technology, advanced devices and full-service, backing system support, which can be utilized in the law enforcement, security and transportation industry.
As per the terms of the letter of Agreement, Bullet will issue 2,000,000 common shares to the shareholders of Comcam and 2,000,000 common shares shall be reserved as Performance Shares to be issued to the Shareholders of Comcam on the basis of one Performance Share for each $1.00 of cumulative net cash flow of Comcam. Following this share exchange, Comcam will be a wholly-owned subsidiary of Bullet and Bullet will change its name to Comcam Inc.
As part of this Agreement, Bullet agrees to use its best effort to complete a financing by way of a private placement to raise gross proceeds of $2,000,000.
This transaction is subject to shareholder and regulatory approvals.
Except for historical information contained herein, the statements in this Press Release are forward-looking statements forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are made pursuant to the Safe Harbor Safe Harbor
1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.
2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Bullet Environmental Technologies, Inc. actual results in the future to differ materially from forecasted results.