Fred R. Muenger, MD Bitsiren Co., Ltd.
BitSiren Co. Ltd. announced today that it has completed the acquisition of the operating assets of Asia Webworks Co. Ltd., with effect from August 1, 2010.
BitSiren is a developer of commercial websites and a designer of integrated marketing campaigns. Asia Webworks specializes in the development and servicing of proprietary internet reservation systems for hotels and other travel-related clients. Both corporations are domiciled in Phuket Province, Thailand, and both are privately held.
Fred R. Muenger, BitSiren’s Managing Director, issued the following statement – “This is an exciting opportunity for BitSiren. By acquiring Asia Webworks’ innovative business model and its existing client-base, we have expanded into a new line of business through a transaction that is immediately accretive to earnings and has the potential to produce sustained growth in sales and net income. Consolidating the management of the two businesses will also generate cost savings for the combined enterprise. We are very pleased that we were able to close the deal.”
The acquisition had been in process for several months. Complications in completing “due diligence” arising from Asia Webworks’ dispersed client-base were cited as the primary reason for the delay, according to information provided by R. Fox & Co., who acted as financial advisor to BitSiren in the transaction.
Separately, BitSiren Co. Ltd. disclosed that it has retained R. Fox & Co. to act on behalf of BitSiren in the pursuit and financing of further acquisitions.
Separately, BitSiren announced that it expects to finalize in August its pending negotiations with Litigation Law Funding to arrange a financial alliance to pursue litigation in Australia against certain former employees of BitSiren and certain present and former principals in the Singapore-based corporations B.A.R.M. International and DG Operations, and the Singapore law firm Lee, Chai & Boon. The litigation will seek to recover damages arising from a December 2009 alleged embezzlement of intellectual property by the former employees, in conspiracy with other individual defendants, and the trafficking of that property to the corporations. The defendant-law firm is alleged to have participated in the trafficking of property known to have been unlawfully acquired. Similar and related charges against a principal of the law firm are reportedly the subject of pending disciplinary proceedings before The Law Society of Singapore.
Litigation Law Funding is a Sydney, Australia-based investment advisory firm specializing in the placement of venture investments in commercial litigation. BitSiren also disclosed that it has retained R. Fox & Co. to advise BitSiren in its negotiations with Litigation Law Funding.
For media enquiries, please contact:
Bitsiren Co., Ltd.
Fred R. Muenger
Managing Director
md@bitsiren.com
http://www.bitsiren.com
Asia Webworks Co. Ltd.
Phil Lawson
phil@webworks.asia
http://www.webworks.asia
or
R. Fox & Co.
Roger A. Peterson
rfox@rfoxandco.com
http://www.rfoxandco.com
Photo:
http://www.prlog.org/
