|By PR Newswire||
|September 4, 2014 05:43 AM EDT||
SINGAPORE, Sept. 4, 2014 /PRNewswire/ -- A U.S. company pending quotation on an over-the-counter bulletin board ("OTCBB") intends to acquire a wholly owned instant messaging ("IM") software subsidiary of Singapore eDevelopment Ltd. ("SeD" or the "Company") for US$700 million in shares and bonds, SeD announced today.
SGX Catalist-listed SeD said the proposed transaction will allow HotApps International Pte. Ltd. ("HotApps") to tap the U.S. capital market and facilitate the launch of the HotApp IM and e-commerce mobile application in North and South America. SeD acquired HotApps last month and plans to launch it in 24 countries, including Singapore, before the year-end.
SeD has entered into a term sheet for OTCBB-bound Fragmented Industry Exchange Inc. ("FIE") to acquire HotApps for 1.0 million new shares at US$10 each (US$10 million) and US$690 million worth of zero-coupon perpetual bonds (with a conversion price of US$10 each). The OTCBB is an electronic inter-dealer quotation system facilitated through the Financial Industry Regulatory Authority of the United States.
The proposed transaction, upon completion, will result in SeD owning 99.84% of FIE assuming full conversion of the bonds and the exercise of a call option (assuming FIE does not issue any new shares). FIE will in turn hold HotApps as a wholly owned subsidiary.
SeD has identified Information Technology – led by companies such as HotApps – and construction/international property development as the two engines which will propel corporate recovery and growth.
The Company said the US$700 million consideration was derived on a willing-seller, willing-buyer basis after taking into account SeD's internal analysis of the economic potential of HotApps which has enhanced features that will differentiate it from existing players.
To ensure proper treatment for public reporting purposes, prior to the completion of the transaction, FIE is expected to commission its own independent valuation of HotApps.
"North America is a market which has not only embraced such technologies but has a pool of investors who are willing to invest in such applications," said Mr. Chan Heng Fai, SeD's Chief Executive Officer of SeD and its single-largest shareholder.
"This transaction will bring with it two significant benefits. The first is that HotApps will be able to tap the U.S. capital markets to fund its growth. The second is that we will be able to accelerate the launch of HotApp in the U.S. and Latin American markets," said Mr. Chan.
Apart from its acquisition of HotApps, SeD recently entered into a memorandum of understanding with cloud-based communication solutions provider, CloudTel Pte. Ltd., which owns the world's first 10-inch desktop interactive cross-platform smart terminal running on the Android operating system poised to replace traditional desktop phones.
SeD is completing the issue of 12 rights shares at 0.3 Singapore cent each for every existing share held, and one bonus share for every rights share subscribed for. Trading of the rights and bonus shares is expected to commence on 22 September 2014.
SeD currently owns 60%-stake in a land development and sub-division project in Texas. It announced this week that it has sold US$20.72 million (S$25.88 million) worth of the land lots, or about 35% of the 136-acre development, and received US$800,000 worth of deposits. It also owns three waterfront residential sites in Western Australia where it is developing seven units of bungalows and good class townhouses for sale.
"With the encouraging sales of the Texas project and the proposed injection of HotApps into a U.S. quoted security, both our engines of growth are being set in motion in a dynamic manner which will accelerate our corporate recovery and growth so that we can restore and enhance shareholder value rapidly," Mr. Chan said.
### End of Release ###
Media & Investor Contact Information
About Singapore eDevelopment Limited
Incorporated on 9 September 2009 and listed on the Singapore Exchange Catalist on July 2010, Singapore eDevelopment Limited ("SED" or the "Group"), formerly known as CCM Group Limited, is pursuing business activities in property development and investments primarily in the United States and Western Australia, Information Technology, and investments in high-growth quoted and unquoted securities.
For more information, please visit: www.SeD.com.sg
SOURCE Singapore eDevelopment Ltd.
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
May. 24, 2016 09:45 PM EDT Reads: 964
As machines are increasingly connected to the internet, it’s becoming easier to discover the numerous ways Industrial IoT (IIoT) is helping to shape the business world. This is exactly why we have decided to take a closer look at this pervasive movement and to examine the desire to connect more things! Now if you need a refresher on IIoT and how it is changing the world, take a moment and listen to Greg Gorbach with ARC Advisory Group. Gorbach believes, "IIoT will significantly change the worl...
May. 24, 2016 09:00 PM EDT Reads: 1,777
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
May. 24, 2016 08:45 PM EDT Reads: 912
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
May. 24, 2016 08:45 PM EDT Reads: 659
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
May. 24, 2016 08:30 PM EDT Reads: 932
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
May. 24, 2016 08:15 PM EDT Reads: 1,024
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
May. 24, 2016 07:45 PM EDT Reads: 887
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
May. 24, 2016 06:30 PM EDT Reads: 726
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
May. 24, 2016 06:00 PM EDT Reads: 4,639
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit y...
May. 24, 2016 05:00 PM EDT Reads: 1,837
Cloud computing changed data analytics for good. It enabled companies to drastically decrease resources and architecture previously assigned with business intelligence departments. It also enabled laymen to run advanced business analytics. Cloud was also the architecture of choice for storing and processing big data. Data piling is a continuous process, which is going to explode with emerging Internet of Things concept. Answer to this issue developers found in new concept called fog computing. ...
May. 24, 2016 04:15 PM EDT Reads: 1,817
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
May. 24, 2016 04:00 PM EDT Reads: 1,678
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will discuss the vast to...
May. 24, 2016 04:00 PM EDT Reads: 2,349
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
May. 24, 2016 02:15 PM EDT Reads: 2,072
SYS-CON Events announced today the How to Create Angular 2 Clients for the Cloud Workshop, being held June 7, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified. Now it’s a component-based well-performing framework. The immersive one-day workshop led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and...
May. 24, 2016 02:00 PM EDT Reads: 3,839