|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.
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
Feb. 6, 2016 07:15 PM EST
SYS-CON Events announced today that Fusion, a leading provider of cloud services, 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. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
Feb. 6, 2016 03:30 PM EST Reads: 703
As someone who has been dedicated to automation and Application Release Automation (ARA) technology for almost six years now, one of the most common questions I get asked regards Platform-as-a-Service (PaaS). Specifically, people want to know whether release automation is still needed when a PaaS is in place, and why. Isn't that what a PaaS provides? A solution to the deployment and runtime challenges of an application? Why would anyone using a PaaS then need an automation engine with workflow ...
Feb. 6, 2016 03:30 PM EST
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Feb. 6, 2016 03:15 PM EST Reads: 319
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of 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, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Feb. 6, 2016 02:30 PM EST Reads: 348
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
Feb. 6, 2016 02:00 PM EST Reads: 678
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, 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. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Feb. 6, 2016 01:30 PM EST Reads: 336
@DevOpsSummit taking place June 7-9, 2016 at Javits Center, New York City, and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Feb. 6, 2016 01:15 PM EST Reads: 509
SYS-CON Events announced today that VAI, a leading ERP software provider, 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. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
Feb. 6, 2016 01:00 PM EST Reads: 534
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, will discuss how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved effi...
Feb. 6, 2016 12:00 PM EST Reads: 199
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
Feb. 6, 2016 12:00 PM EST Reads: 313
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Feb. 6, 2016 11:15 AM EST Reads: 129
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay 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. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Feb. 6, 2016 11:15 AM EST Reads: 118
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 6, 2016 11:00 AM EST Reads: 163
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
Feb. 6, 2016 11:00 AM EST