News

Aussie IAD ATM Holdings to buy transfer security company

December 20, 2013

My ATM Holdings, an Australian company focused on the installation and maintenance of ATMs in small to medium enterprises, has entered into an agreement with the board of iWebgate Technology to acquire all rights and issued capital of the company. IWebgate owns patented software that increases security and functionality for the transfer of information.

According to an announcement from My ATM Holdings, the potential exists for the integration of iWebgate software into ATM networking and information-sharing, given current security limitations — particularly with implementation of cloud opportunities.

Under the terms of the agreement, My ATM Holdings and iWebgate are to execute a share sale agreement within 60 days. My ATM will issue 1,000,000,000 shares pro-rata to existing iWebgate shareholders and pay AU$865,694 ($768,909) cash for the purpose of repaying loans.

In addition, My ATM will issue 848,891,600 class A performance shares to iWebgate founders. The HOA is subject to a number of conditions being satisfied:

• My ATM  must complete a fund raising of not less than AU$5,000,000 ($4,440,998);
• iWebgate and My ATM must obtain required shareholder approval;
• iWebgate founders unanimously agreeing to execute the share sale agreement; and
• My ATM advancing a loan to iWebgate of $1,000,000 ($888,199) on or prior to Dec. 23, 2013.

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