Innovative Communications Technologies, Inc. Acquires Pangea Networks, Inc.
SEATTLE, WA--(Marketwire - December 29, 2009) - Innovative Communications Technologies, Inc.
(PINKSHEETS: ICTN) announces that it has acquired controlling interest in
Pangea Networks, Inc. (PINKSHEETS: PGEA) ("Pangea") by way of a share
exchange. Pangea operates as Baristas Coffee Company ("Baristas"). The
initial transaction closing occurred on December 22, 2009, when an
agreement was reached for ICTN to purchase in excess of 60% of the issued
and outstanding shares of Pangea. Under the terms of the transaction, ICTN
has offered each shareholder of Pangea the opportunity to exchange each
share of Pangea for twenty shares of ICTN. The offer to the current
shareholders of Pangea expires in thirty (30) days.
December 30, 2009 | Filed Under
Mergers and Acquisitions Comments