Ceelox, Inc. cancelled the acquisition of substantially all of the assets of Send Global Corporation from iTeknik Holding Corporation.
The transaction is subject to the approval of the shareholders of iTeknik Holding, execution and delivery of employment agreements with several individuals currently involved with the Send Global business, execution of a consulting agreement with Fred Wick and completion of satisfactory audit. The deal is expected to close on the first business day following the six month anniversary of the date of the agreement. Jeffrey A. Rinde of Blank Rome LLP acted as the legal advisor for Ceelox Inc. Paul Burkhart of Law Offices of Paul J. Burkhart acted as the legal advisor for iTeknik Holding Corporation.
On July 23, 2013, iTeknik Holding announced the delay in the schedule closing of the agreement with Ceelox, Inc. The original closing date for the transaction had been April 25, 2013. On April 24, 2013 iTeknik Holding and Ceelox, Inc. agreed to reschedule the closing date until May 25, 2013. As Ceelox, Inc. did not complete the requirements for the closure of the asset purchase agreement, the scheduled closing has been further delayed and no new closing date has been established as of now.
Ceelox, Inc. (OTCPK:CELO) cancelled the acquisition of substantially all of the assets of Send Global Corporation from iTeknik Holding Corporation (OTCPK:ITKH) on January 23, 2014.