Calsoft to acquire International Innovations Inc.

Chennai, Nov 13 (UNI) California Software Co Ltd (Calsoft) today announced the signing of a Letter of Intent (LoI) to acquire one hundred per cent equity stake of US-based International Innovations Inc.

The LoI would culminate into a definitive share purchase agreement, subject to standard closing conditions, necessary approvals and completion of all formalities, which was expected to be completed by December 31, 2007, a company release here said.

Innovations was expected to add US Dollar 2.3 million with US Dollar 3,00,000 Profit After Tax(PAT) to the consolidated revenues and profit of Calsoft in the next 12 months.

Innovations valuation would be capped at maximum of US Dollar 1.32 million.

The deal envisages phased payments by Calsoft over a period of one year from the conclusion of a definitive share purchase agreement and based on certain performance parameters, the release added.

UNI