Message #2 From:
Stock News Bot Date: December 14, 2005 06:05:00 AM
MBTT News MB Tech Signs Definitive Agreement to Acquire 55% of Metaware Co. Ltd.
LAS VEGAS--(BUSINESS WIRE)--Dec. 14, 2005--Hanwook Bae, chief executive officer of MB Tech (OTCBB: MBTT), announced today that MB Tech has signed a share exchange agreement to acquire 55% of Metaware Co. Ltd. in exchange for 65,175,000 shares of MB Tech. The closing target date is Jan. 15, 2006, subject to completion of due diligence by the parties' boards of directors.
Both Metaware and MB Tech will then try to complete the acquisition of the balance 45% held by a company on KOSDAQ, the Korean Stock Exchange, before the end of March 2006.
"We are taking action as quickly as possible for the benefit of MB Tech and Metaware's products and projects and shareholders," said Bae. He added, "We feel that the agreement is sound and all the contingencies should be satisfied without issues."
Metaware Co. Ltd. is a digital telecommunications company headquartered in Seoul, South Korea. Metaware, with approximately 120 employees in five countries, is the maker of various digital set-top box solutions and other products for the cable and satellite industry. Metaware has been in business since 1996 as a pioneering company in the digital television delivery revolution. Information about Metaware's management, facilities and products can be found on its Web site at www.metaware.co.kr.
MB Tech management believes that the proposed merger with Metaware is a good strategic move at this time to further benefit the deployment of its own innovative product line. MB Tech's convenient low-cost portable satellite antennae line ("Faserwave") can now benefit from the latest in multiapplication digital set-top box technologies from Metaware as an integrated consumer solution and as stand-alone product offerings.
For information on MB Tech's product line, go to the following link:
MB Tech is a global distributor of electronic components. MB Tech and its subsidiaries produce products for the DBS satellite industry and state-of-the-art RF microwave and communications technologies with consumer and military applications.
MB Tech serves the satellite television market as a provider of hardware and bundled solutions, and is expanding to serve the satellite radio and military hardware and solutions sectors. MB Tech manufactures, distributes and/or markets several proprietary solutions that differentiate it from competitors, including active and non-active auto-tracking (portable and stationary) flat antennas, a mobile phased shift array antenna, and a marine antenna.
MB Tech pioneered advancements like the dual-horn LNB, which allows multiple set-top boxes to be connected to a single satellite dish, enabling viewing of multiple channels simultaneously on different television monitors, and a tri-horn LNB, which provides the ability to download signals from multiple satellites over a single dish.
Safe Harbor Act Disclaimer
The statements contained in this press release and the statements that the company representative has made orally in connection with this release are not historical fact and are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual performance results may differ materially from those forward-looking statements, as such statements involve risks and uncertainties that could significantly impact the company's business and the actual outcome and results may differ materially.
