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INTAC International and HSW International merger to close on 1 October.

TELECOMWORLDWIRE-24 August 2007-INTAC International and HSW International merger to close on 1 October(C)1994-2007 M2 COMMUNICATIONS LTD

INTAC International Inc (Nasdaq: INTN; FSE: WKN 805768), a provider of educational and career development services and software for educational institutions and a distributor of wireless handset products in China, announced on Thursday (23 August) that the company's merger with HSW Merger Corporation will close on 1 October 2007, the first day of INTAC's new fiscal year.

This closing date will reportedly allow the merged company to take advantage of certain restructuring benefits.

The company said that certain institutional investors based in the US, providing USD22.5m of the approximately USD50m of additional equity as part of the merger plan, have agreed to extend the date to close in their stock purchase agreements to 31 October 2007 to allow closing to occur on 1 October 2007.

The agreements of the European institutional investors providing the remaining portion of the additional financing do not require extensions.

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Title Annotation:HSW Merger Corporation
Article Type:Brief article
Geographic Code:9CHIN
Date:Aug 24, 2007
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