LAS VEGAS, May 8, 2012 (GLOBE NEWSWIRE) -- TransAKT Ltd. (OTCQB:TAKD) ("TransAKT") and Vegfab Agricultural Co. Ltd. ("Vegfab") today announced that they have entered into a definitive agreement under which TransAKT will acquire Vegfab, a Taiwanese company, for the sum of US$5,500,000. The purchase price is being paid by the delivery to Vegfab of: (i) US$1,000,000 in cash; and (ii) 150,000,000 common voting shares issued by TransAKT Ltd., with a deemed value of US$0.03 per share.
A final agreement, contingent on the outcome of TransAKT's due diligence, is expected to be approved by the board of directors of both companies and be completed rather speedily--sometime in the next few weeks.
Vegfab is a manufacturer of highly innovative agricultural equipment used to grow a large variety of vegetables and fruit using simulated sunlight from LED lamps in proprietary a hydroponic system. Vegfab's product line includes systems for commercial production, and a new home growing system which allows families to grow safe, clean vegetables and fruit in their own homes.
"Vegfab's technology allows home and commercial users to grow vegetables and fruit using simulated sunlight produced by highly efficient LED lamps," explains James Wu, chairman of TransAKT. "Produce grown hydroponically using Vegfab's system grows faster than vegetables grown in soil and requires no chemical fertilizers or pesticides; you can trust that vegetables grown with Vegfab are clean and safe for your family."
About TransAKT
TransAKT is a global distributor of LED lighting products focused on serving the fastest growing market of commercial, hospitality, and outdoor lighting. TransAKT's wholly-owned subsidiary Taiwan Halee International (HTT) distributes telecommunications equipment to over 650 outlets in Asia and has exclusive distribution agreements with several leading manufacturers. In addition, HTT develops and markets a robust product line that integrates advanced Wi-Fi and Voice-over-IP technologies. The Company's global corporate management team is based in Las Vegas, Calgary and Taipei. For more information about TransAKT, please call 403-290-1744 or visit transaktltd.com.
This press release contains certain forward-looking statements and these forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including but not limited to, our limited operating history and history of losses, and our inability to compete effectively in the marketplace, and such other risks as identified in documents filed with the Securities and Exchange Commission. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.