Interactive Games acquires a development-stage company
Accordingly, the parties have extended the termination date for the non-binding letter of intent until April 30, 2007. Under the proposed terms of the agreement, Interactive plans to acquire all of the issued and outstanding capital stock of Nuvo in a tax-free exchange for approximately two-thirds of the outstanding common stock of Interactive on a post-closing basis.
Completion of the transaction is subject to customary closing conditions including, but not limited to, negotiation and execution of the definitive agreement, receipt of audited Nuvo financial statements, completion of contemplated restructuring conditions, and any necessary board of director or stockholder approvals.
Nuvo also informed the company that it has completed necessary international patent filings in China, India and Germany for its solar cell technology.
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