A reverse takeover has occurred at Community Technologies (C-Tech), resulting in a change of nature and name.
C-Tech has issued 200 million shares at 10c each to acquire Beget Group, Moneyline 654 (Eze-Bill) and Orbes Manufacturing (TM Commerce).
Beget was allocated 82.95 million shares, Eze-Bill 73.56 million and TM Commerce 43.5 million.
C-Tech, to be renamed Beget Holdings, will become a provider of advance services delivered via cellular and Internet technology, a change of focus from its existing nature as a computer distribution company.
Its core competency will lie in database mining and combining the technologies of cellular communications and Internet thin-client solutions with desktop applications and databases.
"The businesses acquired specialise in the advanced technological markets, of which SMS applications are of the fastest-growing applications in telecommunications," the company says.
"E-commerce is becoming economically viable and creates opportunities for the company to enhance its services to customers through integrated products and services.
"The directors expect the acquisitions to contribute positively to the business and the profits of the company over the medium to long term as more licences are sold to customers."
The transaction, as well as the change of name, is subject to shareholder and regulatory approval, and the company will apply to have its JSE listing transferred to the development capital market or venture capital market.
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