EGM International and GID Solutions have signed a letter of intent (LOI) under which EGM International will acquire 100% of the outstanding capital stock of GID in exchange for 60% of the total issued and outstanding common stock of EGM International.
Based in Tokyo, Japan, GID is engaged in the development and distribution of fiber optic interconnect products and medical diagnostic technology.
In accordance with the terms of the LOI, GID Solutions will change its name to GID International, and will immediately apply for a new CUSIP number and trading symbol to reflect the name change.
At the closing of the merger, all current officers and directors of the company will resign, and Noboru Ayabe will be appointed CEO, president and director and Issei Sakata will be appointed Treasurer, secretary and director.
Subject to shareholder approval, the merger is expected to be finalised on or about the close of business, 31 December 2010.