At the time of the takeover Ironroad paid an initial purchase price for the shares in Ironroad IT India in the form of 100,000 shares. In addition to that, additional purchase prices would be paid, conditional upon that the Indian company are delivering services in a professional manner and the number of VMS users. Payment would be done through Ironroad issuing new shares based on the stock price on respective dates for the determination of the additional purchase prices.
Ironroad IT India has met the performance targets for the first additional purchase price which is fixed at 2.1 million SEK. The final additional purchase price shall be paid out no later than March 31, 2012 and only if the launch of VMS in India will be successful.
The Board has decided that the first additional purchase price of 2.1 million SEK willl be paid in shares in Ironroad AB (publ). Hence, the Board of Ironroad, with the authorization from the AGM on 27 May 2011, has decided to issue 290,000 shares, which will be subscribed for by the previous owners of Ironroad IT India. The new shares in Ironroad will be issued at a subscription price of approximately 7.3 SEK per share. The new issue means that the number of shares in Ironroad will increase from 7,660,491 to 7,950,491.
For more information, please contact:
Magnus Kniving, CEO
+4670 778 47 11
Ironroad is a Swedish company that has developed the VMS (Video Message Service) technology, which was fully launched in 2010. VMS is now established in 10 countries in Europe, North and South America, Asia and Africa. Ironroad has about 100 employees and offices in Sweden (headquarter), Denmark, Norway, Germany, Spain, The Netherlands, Canada, India, Indonesia and the Philippines. Our partners and clients are several global mobile operators and media companies, such as Tele2, 3 Hutchinson, TeliaSonera, Indosat and Telkomsel.
VMS is the sequel to SMS and MMS, a simple and inexpensive way to share experiences and communicate through your mobile phone. VMS is downloaded as an app from the App Store, Android Market or BlackBerry App World.
To learn more about Ironroad or VMS please visit www.vmsplay.com