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Press Release Source: IA Global, Inc. On Wednesday October 13, 2010, 9:00 am EDT
SAN FRANCISCO--(BUSINESS WIRE)-- IA Global, Inc. (OTCQB:IAGI) (the “Company”) announced the signing of a Letter of Intent to acquire 100% of PowerDial Systems, Ltd, a VOIP System Company and PowerDial Services, Ltd, a VOIP Service Company (“PowerDial”), from Innovative Software Direct Plc a U.K. company listed on the U.K PLUS Market.
PowerDial is based in Durham County, England and provides physical networks, Green IT solutions, and applications that control the performance and integrity of wireless, voice, video, and data networks. PowerDial reported revenues of $2.7 million in FY2009 and expects to grow in 2010 and later years.
Under the terms of the Letter of Intent, PowerDial will be acquired for 2,400,000 shares of IAGI common stock with additional shares available for meeting certain performance metrics and for acquisition of additional VOIP/IT businesses in the U.K.
The letter of intent is subject to (i) approval of the acquisition by the Board of IAGI (ii) completion of due diligence; and, (iii) agreement to customary terms and conditions, including a prohibition on issuance of new shares, options or warrants by the parties. The acquisition is expected to close by October 31, 2010.
“The acquisition of PowerDial brings IA Global back into outsourcing and into the technology application business and enables the Company to compete once again on a global scale. This latest acquisition represents a highly scalable opportunity that provides a substantial growth engine that will help us achieve our goal of achieving $100 million in annual revenues and $10 million in annual EBITDA by FY2012,” stated Brian Hoekstra, CEO of IA Global, Inc.
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