Fireswirl pays $4.8m for 40% of AMZON
Fireswirl Technologies acquired a 40% stake in multimedia and interactive marketing provider AMZON for HKD4.8m ($800,000), the e-commerce company has announced. In accordance with the companies' share purchase agreement, Fireswirl will acquire a further 10% of the outstanding shares for HKD1.2m within 30 days, and another 10% stake for the same amount 30 days after that.
2017-03-24 09:20 ET - News Release

Mr. Ji Yoon reports

FIRESWIRL ANNOUNCES ACQUISITION OF COMMON SHARES OF AMZON (HK) LIMITED

Fireswirl Technologies Inc. has completed the acquisition of 40 per cent of the outstanding common shares of AMZON (HK) Ltd. from the sole shareholder in consideration for an aggregate purchase price of $4.8-million (Hong Kong) (approximately $800,000), pursuant to its previously announced share purchase agreement dated Feb. 3, 2017. In accordance with the agreement, the company expects to acquire an aggregate of 60 per cent of the outstanding shares from the vendor.

The company has also appointed two out of three directors to the board of directors of AMZON.

Fireswirl expects to complete the acquisition of an additional 10 per cent of the outstanding shares from the vendor in consideration for an aggregate purchase price of $1.2-million (Hong Kong) (approximately $200,000) within 30 days and expects to complete the acquisition of an additional 10 per cent of the outstanding shares from the vendor in consideration for an aggregate purchase price of $1.2-million (Hong Kong) (approximately $200,000) within 30 days thereafter.

Completion of the additional purchases of shares by the company remains subject to customary closing conditions pursuant to the agreement.

AMZON is a private company incorporated pursuant to the laws of the Hong Kong Special Administrative Region of the People's Republic of China. AMZON is in the business of providing multimedia and interactive marketing solutions, specializing in 3-D visualizations, computer graphics and digital design. It has also developed and deployed AR and VR applications for customers in the property and sports segments. In the property segment, AMZON VR and AR applications are mainly deployed for sales and promotional use. In the sports segment, AMZON has developed its owned branded VX System, which integrates seamlessly with VR technology and indoor cycling applications.

About Fireswirl Technologies Inc.

Fireswirl Technologies is focused on creating transactional revenue by engineering electronic and mobile commerce solutions for content providers. Fireswirl's technology has broad applications for solutions requiring multiple payment interfaces, multicurrency and multilanguage capabilities. Fireswirl's solutions can be adapted to any industry seeking high-volume or micropayment solutions involving a wide base of users through the Internet or wireless applications.

We seek Safe Harbor.