The proposed acquisition is subject to numerous conditions and will involve a change in stockholder control of the company, change of management, change of corporate name, change of corporate headquarters and other significant matters. The proposed acquisition is expected to involve a 2.8 to 1 forward stock split of the currently outstanding shares of common stock of Kayenta. Subject to the conditions precedent, including the requirement that Acquiree raise at least $2 million, the Acquisition is proposed to be completed in the next couple of months.
Acquiree is in the process of acquiring an exclusive license from Reduct NV for the Reduct Underground Mapping Technology to include North and South America and Australia. Acquiree proposes to develop an infrastructure technology and service company using the Reduct license which relates to a unique and proprietary data collection system and software for the economical 3-D mapping of underground pipes and the integration of said data into existing geographic information system platforms. This technology was developed in Belgium and has been utilized in many countries across Europe and in Japan to map underground pipes for various utilities and telecommunications.
This release includes forward looking statements. Such statements involve risks and uncertainties which could cause actual results to differ materially from those set forth herein.
Kayenta Kreations Inc. Company Counsel Thomas Kimble, 801-531-0066