DataMotion Asia Pacific Limited (DMN) is pleased to announce that it has signed a binding term sheet to acquire an option over 100% of the issued capital of MaxxZone Pty Ltd (Australia); and an Underwriting Agreement with Cunningham Peterson Sharbanee Securities Pty Ltd (CPS) for a strategic share placement to raise $221,400. Maxx is the owner and developer of a new internet based networking and sales site called MaxxZone.
Michael Robson, Chairman of DataMotion said, “We have been actively pursuing acquisition opportunities that will grow the Company and improve our financial performance. MaxxZone is an exciting opportunity and we believe DataMotion shareholders will benefit from the value of their unique internet based product offering and ongoing commitment to innovation.” Under the term sheet, DMN will pay Maxx a $100,000 Option Fee (with $50,000 payable on execution of the term sheet and the balance on satisfaction of due diligence and execution of the formal option agreement) which will give DMN an exclusive Option for a period of 180 days. DMN can exercise the Option at any time within 180 days of signing the term sheet, and upon Maxx meeting various conditions DMN will issue 369,002,271 fully paid ordinary shares in DMN to the shareholders of Maxx .
MaxxZone Pty Ltd (Australia) has its head office in Perth, Western Australia. It was established by its Managing Director Mr Roland Becker to develop a unique suite of internet based products and services, the leading product of which is the MaxxZone networking and sales site.