TVG Technologies Sold 51% Control to Data Security Company for 9,000,000 USD
JERUSALEM, May 11, 2011 /PRNewswire/ — TVG Technologies Ltd (Pink Sheets: TVGTF) announced today that it has signed agreement to sell 51% of the company to a group of investors which own a private data security company.
The deal is for 9 million USD (about 0.64 USD per each TVG share, total 28 million TVG shares after the deal).
The new owner of TVG plans to go public with his private company in NASDAQ and will pay the previous share holders control, by exchange of shares after the IPO.
Information about the buyer company will be available in Q1-2012 before the IPO, the buyer plans to keep TVG as the R&D base in Israel
The main line of products are Data security software for mobile devices including Smart Phones and computers Tablets and will be use by Banks, cooperates and users for electronic wallet and Data safe.
The company plans to complete the deal soon and get investment to expand the R&D team in Israel.
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SOURCE TVG Technologies Ltd