Avacom Net Cyprus acquires10% of R 360 Corp.

Avacom Net Public Ltd announced the acquisition of 100 million shares (10% of the share capital) of the privately held company R 360 Corporation based in Delaware of the United States. R 360 Corporation has the copyright of R 360 technology for the mobile telephony. Avacom Net and R 360 Corporation jointly announce the promotion of R 360 platform for mobiles to Nokia, Sony Ericsson, Samsung, Motorola etc. Head of the promotion campaign is Teemu Polo, who until recently worked for Nokia based in Finland as a “top business development executive”. Now, he works for R Group.
The combined acquisition of the share package of R 360 Corporation and 50% of the joint venture is of total value EUR7.3 mln. The acquisition is not carried out with the submission of capital but with the transfer of 52,500,000 shares of Avacom Net to R 360 Corporation valued at EUR6.3 mln and the transfer of the ownership of Dyna IT against EUR1 mln. Avacom Net has 90 days at its disposal to issue the necessary shares for this purchase.