InvestNet, Inc. today announced that it has acquired at least 92% of Advance Tech (Asia) Limited (Advance Tech), a Hong Kong based company engaged in providing real-time transaction solutions, customized solutions and professional IT consulting services.
Under the terms of the agreement, InvestNet has authorized the issuance of 22,312,500 common shares to Advance Tech shareholders in exchange for all the issued and outstanding shares of Advance Tech. InvestNet expects that the remaining 8% of Advance Tech will be tendered for exchange in the near term.
Advance Tech is also developing a mobile payment system (MPS), which is designed to enable uses to conduct money transactions through cellular phones with WAP capability. Advance Tech commenced the development of MPS in March of 2000 and has filed a patent for the protocol of MPS with the US Patent & Trademark Office. Currently, Advance Tech is developing the technical specifications for integrating its proprietary software with the MPS hardware. Advance Tech anticipates the launch of MPS in Hong Kong during 2005.