KINX Inc. cancelled the acquisition of CDN Business Department from Nowcom Co., Ltd..
June 21, 2013 at 12:00 am EDT
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KINX Inc. (KOSE:A093320) entered into a contract to acquire CDN Business Department from Nowcom Co., Ltd. (KOSE:A067160) for KRW 2.5 billion on June 21, 2012. KINX will acquire all the rights related to the business including manpower and physical resources that belongs to Nowcom CDN Business Department. CDN Business Department reported assets of KRW 1.42 billion, revenues of KRW 956 million and debts of KRW 59 million as of March 31, 2012. A meeting of shareholders of KINX Inc. will be held on July 31, 2012 to approve the transaction. The contract will become void if it gets disapproved in the general meeting of stockholders of KINX Inc. If the contract loses its effect, all rights and duties stated will expire and KINX and Nowcom will pay a restitution duty.
The Board of Directors of KINX Inc. passed a resolution for the transaction on June 21, 2012 and the transaction is expected to complete on July 31, 2012. As of July 31, 2012, the transaction was approved at the extra ordinary shareholders' meeting of KINX Inc.
KINX Inc. (KOSE:A093320) cancelled the acquisition of CDN Business Department from Nowcom Co., Ltd. (KOSE:A067160) on June 21, 2013.
KINX Inc is a Korea-based company principally engaged in the Internet infrastructure services business. The Company provides services including Internet exchange (IX) services used to exchange Internet traffic information; Internet data center (IDC) services such as IX co-location services and server hosting services; contents delivery network (CDN) services; cloud service; DDoS and security service.