LONDON, March 9, 2011 (GLOBE NEWSWIRE) -- First Corporation (OTCBB:FSTC) announces the majority of Acquma Holdings Ltd. shareholders have consented, and are in agreement, to acquisition by First Corporation at terms materially the same as those detailed in the October 16, 2009 Share Exchange Agreement.
In a subsequent letter dated March 7, 2011, Acquma and the Acquma Shareholders have agreed to use their best endeavors to provide all required legal and financial documentation including up-to-date audited accounts to facilitate closing.
The timeframe for closing the acquisition will be determined by appropriate SEC Filing requirements but all parties are working towards the earliest possible date.
Acquma has been established to offer investment and management expertise to targeted technology companies and to firms offering unique services through the provision of their own technology. Acquma currently has a single investment being the ownership of 10.996 million shares, representing 18.3% of the shares in issue of Tramigo Limited ("Tramigo"). Tramigo sells and leases advanced telematic (GPS tracking combined with wireless communication) products to industrial and consumer markets. The products allow consumers to track the location and manage moveable assets through mobile phone technology. End users are notified when unexpected events such as a kidnapping, accident or break-in occur.
About First Corporation
First Corporation was incorporated under the laws of the State of Colorado on December 27, 1995. The Company's activities to date have been limited to organization and capital formation.
About Acquma Holdings Ltd.
Acquma was established in February 2008. The Company has two distinct objectives: to allow the public to share in the innovative Tramigo technology, and to increase its capital base and share value through the acquisition of direct and strategic interests and investments in technology, medical research, environmental and emerging market property development.
Forward Looking Statement
This news release contains forward looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the failure to meet schedule or performance requirements of the Company's contracts, the Company's liquidity position, the Company's ability to obtain new contracts, the emergence of competitors with greater financial resources, and the impact of competitive pricing. In the light of these uncertainties the forward-looking events referred to in this release might not occur.