Concierge Technologies to Buy Out Minority Shareholders in 3rd Eye Cam
SAN FRANCISCO, Aug. 31, 2012 /PRNewswire/ -- Concierge Technologies, Inc. (OTCQB: "CNCG") today announced that an agreement has been reached with the minority shareholders of Wireless Village dba/3rd Eye Cam wherein Concierge Technologies will purchase all of the shares it currently does not own in a stock-for-stock transaction.
During 2010, in exchange for 2-year commitments to the business, Concierge Technologies had conveyed in the aggregate approximately 49% of its ownership in its subsidiary, Wireless Village, to a group of professionals, including a foreign manufacturer, who were considered to be key components required to realize the stated business objectives. Wireless Village subsequently filed a fictitious business name of 3rd Eye Cam, www.3rdeyecam.com, and continued its transition from wireless Internet service to mobile incident reporting. With the development phase now concluded, and the marketability of the product offering a proven success, Concierge and the minority shareholders have come to the realization that the interest of all concerned would be best served if revenues and corporate objectives were housed under one owner. At the conclusion of the proposed transaction, Wireless Village dba/3rd Eye Cam will become a wholly owned subsidiary of Concierge Technologies.
David Neibert, CEO of Concierge Technologies, commented "The strategic initiatives adopted by the board two years ago for our Wireless Village subsidiary are nearing fruition. Now known in the market as 3rd Eye Cam, we have successfully built our annual revenues from less than $30,000 to over $2,000,000. By consolidating 100% of the ownership of Wireless Village under Concierge, and eliminating debt through conversion to equity, we will close the loop on the business development project conceived during 2010. We envision the process will not stop here, and we look forward to continued growth and development of additional opportunities as they present themselves within the fleet management and vehicle monitoring industry. The business name "3rd Eye Cam" may eventually be dropped and replaced with a moniker more descriptive of our intended operations."
The proposed transaction remains subject to the approval of regulatory agencies, certain conditions precedent and other such measures as are usual and customary for transactions of this nature. Mr. Neibert added that "more details of the transaction will be made available as they become confirmed by the board of directors and our professional advisors".
The statements contained in this press release that are not historical facts are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of our future performance, acquisitions or dispositions of interests, debt obligations, additional financing requirements, the effect of economic conditions generally and in the communications and information technology markets specifically, and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. These and other factors may cause actual results to differ materially from those projected.
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SOURCE Concierge Technologies, Inc.