CALGARY, ALBERTA--(Marketwired - Dec. 22, 2014) - GINSMS Inc. (TSX VENTURE:GOK) (the "Corporation" or "GINSMS") today announces an update to its press release dated March 31 2014 titled "Principal Shareholders and Debenture holder to sell Common Shares and Convertible Debentures representing more than 20% of GINSMS Inc."
The Corporation is informed today that its Chairman of the Board of Directors, Mr. Jonathan Lai, closed the transaction by which a company controlled by Mr. Lai, Panaco Limited, and another company in which Mr. Lai holds a five percent ownership interest, Royal Link Investment Limited, sold to One Heart International Limited ("One Heart") 10,307,500 common shares of the Corporation representing 20% of all of the issued and outstanding common shares of the Corporation (collectively the "Common Shares").
One Heart is controlled by Mr. Yih Hann Lian, the co-founder and a former Chairman and director of Inphosoft Group Pte. Ltd. ("IGPL") now a wholly-owned subsidiary of the Corporation. The aggregate purchase price in consideration for the sale of the Common Shares was $1,546,125 or $0.15 per Common Share, and was paid by way of two promissory notes.
In addition, the Corporation is also informed today that Inphosoft Pte. Ltd ("IPL"), the holder of all of the Corporation convertible debentures for an aggregate principal amount of $9,109,267 issued on September 28, 2012 in connection with the acquisition by the Corporation of IGPL, closed the transaction by which IPL sold convertible debentures having an aggregate principal amount of $6,255,484 (the "Convertible Debentures") to One Heart for an aggregate consideration of $6,255,484 paid by way of a promissory note. Each Convertible Debenture is unsecured, mature on September 28, 2015 and may be converted into common shares of the Corporation at any time prior to their maturity at a price of $0.10 per common share, subject to certain restrictions.
About GINSMS
GINSMS is a mobile technology and services company focusing on 2 areas namely cloud-based application-to-peer ("A2P") messaging service and Software Products & Services. GINSMS operates a cloud-based A2P messaging service that allows the termination of SMS to mobile subscribers of more than 200 mobile operators globally. GINSMS also develops and distribute innovative software products and services for mobile operators and enterprises and have successfully deployed more than 100 solutions worldwide. GINSMS has offices in China, Singapore, Hong Kong, Malaysia and Indonesia.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Joel Chin, Chief Executive Officer
Tel.: +6564411029