Phuket, Thailand, August 16, 2010
BitSiren
Co. Ltd. announced today that it has completed the acquisition of the operating assets of Asia Webworks Co. Ltd., with effect from August 1, 2010.
BitSiren
is a developer of commercial websites and a designer of integrated
marketing campaigns. Asia Webworks specializes in the development and
servicing of proprietary internet reservation systems for hotels and
other travel-related clients. Both corporations are domiciled in Phuket
Province, Thailand, and both are privately held.
Fred R. Muenger,
BitSiren's Managing Director, issued the following statement – "This is
an exciting opportunity for BitSiren. By acquiring Asia Webworks'
innovative business model and its existing client-base, we have expanded
into a new line of business through a transaction that is immediately
accretive to earnings and has the potential to produce sustained growth
in sales and net income. Consolidating the management of the two
businesses will also generate cost savings for the combined enterprise.
We are very pleased that we were able to close the deal."
The
acquisition had been in process for several months. Complications in
completing "due diligence" arising from Asia Webworks' dispersed
client-base were cited as the primary reason for the delay, according to
information provided by R. Fox & Co., who acted as financial advisor to BitSiren in the transaction.
Separately,
BitSiren Co. Ltd. disclosed that it has retained R. Fox & Co. to
act on behalf of BitSiren in the pursuit and financing of further
acquisitions.
Separately, BitSiren announced that it expects to finalize in August its pending negotiations with Litigation Law Funding
to arrange a financial alliance to pursue litigation in Australia
against certain former employees of BitSiren and certain present and
former principals in the Singapore-based corporations B.A.R.M.
International and DG Operations, and the Singapore law firm Lee, Chai
& Boon. The litigation will seek to recover damages arising from a
December 2009 alleged embezzlement of intellectual property by the
former employees, in conspiracy with other individual defendants, and
the trafficking of that property to the corporations. The defendant-law
firm is alleged to have participated in the trafficking of property
known to have been unlawfully acquired. Similar and related charges
against a principal of the law firm are reportedly the subject of
pending disciplinary proceedings before The Law Society of Singapore.
Litigation
Law Funding is a Sydney, Australia-based investment advisory firm
specializing in the placement of venture investments in commercial
litigation. BitSiren also disclosed that it has retained R. Fox &
Co. to advise BitSiren in its negotiations with Litigation Law Funding.
For media enquiries, please contact:
R. Fox & Co.
[email protected]
or
Bitsiren Co., Ltd.
Fred R. Muenger
Managing Director
[email protected]
BitSiren completes acquisition, announces Perth litigation in "Goat Case"
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