HONG KONG, March 18, 2013 /PRNewswire/ -- Sitoa Global Inc. (OTCQB: STOA) ("Sitoa" or the "Company"), announced today that it entered into a Letter of Intent with IRIS Corporation Berhad ("IRIS"), a leading, diversified, technology company, listed on the Malaysian Stock Exchange and the owner of certain selected waste-to-energy assets; and other Renewable Energy and waste to energy "Pipeline Project" assets, owned by third-party owners and with whom IRIS will secure appropriate agreements to these projects, technologies, rights and obligations (the "IRIS Renewable Energy Business") in respect of a proposed transaction in which Sitoa will purchase IRIS Renewable Energy Asset plus waste-to-energy assets owned by other third parties in exchange for common shares in Sitoa. On completion of the acquisitions, IRIS will become the majority shareholder of Sitoa as a result of the share exchange and Sitoa will pursue the development of the acquired renewable energy business in accordance with IRIS's business plan. The terms of the acquisition will be more particularly set forth in the Definitive Agreements to be mutually agreed upon by the Parties and the acquisition expects to be completed by the end of the Second Quarter, 2013.
IRIS and Sitoa, both of which are technology companies, identified the Waste-To-Energy and Renewable Energy businesses as a growing and timely priority and thus appropriate to be acquired by Sitoa because they could potentially achieve an attractive valuation on a U.S. Stock exchange, enhance shareholder value, attract growth capital and expand its business.
About IRIS Corporation Berhad
Iris Corporation is a leading, diversified, technology company, listed on the Malaysian Stock Exchange and with an annual turnover of over US$ 150 million. The IRIS group represents over a decade of innovations in the fields of information and communication technologies; manufacturing and security solutions. IRIS brings a global proven track record in the areas of digital identity. IRIS Corporation Berhad, together with its subsidiaries, engages in the implementation of digital identity and business solutions in Malaysia and in over 25 other countries. IRIS' portfolio covers new innovations in the fields of energy efficient homes, sustainable farming, renewable energy and environmental solutions.
About Sitoa Global Inc.
Sitoa Global provides an easy-to-use and comprehensive platform, the "Focused Social Marketplace" that enables online retailers to deploy a social marketplace e-commerce site. Sitoa's platform allows building marketplaces for online sellers with focused social customer networks to expand their sales channels without the risks of focus dilution, and increased capital and operating costs. Sitoa shares in revenues generated by the site in addition to charging integration and hosting fees. Additional information about Sitoa may be found on its website, http://www.sitoaglobal.com.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the ability of the Company to consummate an acquisition of the IRIS Renewable Energy Business; the business prospects and financial performance of the IRIS Renewable Energy Business; the ability of the Company to successfully develop the IRIS Renewable Energy Business and execute its business plan; the business strategy, plans, and objectives of the Company; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume any duty to update these forward-looking statements.
SOURCE Sitoa Global Inc.