ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

JBS Talware Network Com Npv

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
Talware Network Com Npv TSXV:JBS TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Talware Networx Inc.: Press Release

08/05/2008 9:41pm

Marketwired Canada


Talware Networx Inc. ("Talware") (TSX VENTURE:JBS) announces that it has entered
into a letter of intent (the "LOI") with Minas de Estano de Espana SLU (the
"MEE") to acquire (the "Acquisition") all of the outstanding shares and debt of
MEE in exchange for common shares of Talware. Management of Talware is also
confirming its previous announcement (see press release dated July 16, 2007) of
its intention to divest Talware of its software assets (the "Divestiture"). Upon
completion of the Acquisition and the Divestiture, Talware will be engaged
exclusively in the business of mineral exploration. The Acquisition and the
Divestiture will constitute a Change of Business as defined by the Policies of
the TSX Venture Exchange (the "Exchange"), and will be subject to Exchange and
shareholder approval.


MEE is a Spanish company which currently holds the right to earn a 100% interest
in the Oropesa Tin Project (the "Oropesa Project") which is comprised of
exploration rights to a 23.4 square km property (the "Property") located in the
region of Andalucia in southwestern Spain. MEE holds the right to earn a 50% in
the Oropesa Project through the expenditure of a minimum of Euros 1,500,000 over
the next three years and an option to acquire the remaining 50% through the
issuance of 1.35% Net Smelter Return Royalty to the current owner of the
Property.


Talware has agreed to acquire all of the outstanding shares of MEE in exchange
for the issuance to the current shareholders of MEE of 7,250,000
post-consolidation common shares of Talware and to acquire all outstanding loans
of MEE in exchange for the issuance to the lenders of one post-consolidation
common share of Talware in exchange for each $0.10 of loan principal. In
connection with the Acquisition, Talware intends to complete a consolidation of
its common shares to reduce the current number of issued and outstanding common
shares to no more than 4,000,000 common shares. Formal documentation relating to
the Acquisition will contain customary representations, warranties and
covenants, and will be subject to certain conditions, including receiving
Exchange and shareholder approval.


Peter Miller of London, England is currently the sole principal of MEE. Mr.
Miller is at arm's length to Talware.


During the next 30 days, Talware intends to complete private placements and debt
conversions to retire substantially all liabilities of Talware currently
outstanding. Upon completion of these transactions and in connection with the
completion of the Acquisition, Talware intends to complete an equity financing
of between $3-5 million to fund future operations of the company.


Management of Talware intends to complete the Divestiture, subject to Exchange
and shareholder approval, in order to complete its Change of Business. Talware
has been involved in developing markets, deploying and supporting a suite of web
based workforce management applications intended to assist organizations in
identifying the skills and experience of their employee base, improve employee
retention, maximize their value by efficiently deploying them where most needed
and efficiently recruit new employees. Talware's web based software technology
platform centred on three strategic business sectors: Workforce Enterprise
Solutions, Vertical Industry Job Board Networks and Country Talent Networks. The
Divestiture will result in Talware exiting this business.


Talware also wishes to announce that it has filed on SEDAR its audited financial
statements and Management's Discussion and Analysis for the year ended December
31, 2007. These documents can be found on www.sedar.com.


Completion of the transaction is subject to a number of conditions, including
Exchange acceptance and disinterested Shareholder approval. The transaction
cannot close until the required Shareholder approval is obtained. There can be
no assurance that the transaction will be completed as proposed or at all.


Investors are cautioned that, except as disclosed in the Management Information
Circular to be prepared in connection with the transaction, any information
released or received with respect to the Change of Business may not be accurate
or complete and should not be relied upon., Trading in the securities of issuer
should be considered highly speculative.


The information in this news release includes certain information and statements
about management's view of future events, expectations, plans and prospects that
constitute forward looking statements. These statements are based upon
assumptions that are subject to significant risks and uncertainties. Because of
these risks and uncertainties and as a result of a variety of factors, the
actual results, expectations, achievements or performance may differ materially
from those anticipated and indicated by these forward looking statements.
Although Talware believes that the expectations reflected in forward looking
statements are reasonable, it can give no assurances that the expectations of
any forward looking statements will prove to be correct. Talware disclaims any
intention and assumes no obligation to update or revise any forward looking
statements to reflect actual results, whether as a result of new information,
future events, changes in assumptions, changes in factors affecting such forward
looking statements or otherwise.


1 Year Talware Network Com Npv Chart

1 Year Talware Network Com Npv Chart

1 Month Talware Network Com Npv Chart

1 Month Talware Network Com Npv Chart