Bullet Announces Intent to Acquire Comcam International, Inc.
SAN DIEGO--(BUSINESS WIRE)--Nov. 8, 2001
Bullet Environmental Technologies, Inc. (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 INTERNATIONAL, INC. ("Comcam"), a privately held Delaware technology corporation which has developed a technology for video compression 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 that are made pursuant to the Safe Harbor 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.
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|Date:||Nov 8, 2001|
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