IA Global Announces Funding; Changes in Board of Directors; Resignation of Chief Executive Officer
07 Agosto 2009 - 10:00AM
Business Wire
IA Global Inc. (NYSE AMEX US: IAO) (the “Company”) announced
today certain changes in an effort to restore the business to
profitability and enhance shareholder value.
On August 2, 2009, the Company entered into a Stock Purchase
Agreement with Inter Asset Japan LBO No 1 Fund, an existing
shareholder of the Company. Under the terms of the Agreement, the
Company agreed to issue and sell to Inter Asset Japan LBO No 1 Fund
1,500,000 shares of the Company’s common stock for an aggregate
purchase price of $60,000, or $0.04 per share. The Company expects
further funding from this Shareholder.
The Company also appointed to the Company’s Board of Directors
Brian Hoekstra and Ryuhei Senda, effective as of August 2, 2009.
Mr. Hoekstra has more than 27 years of professional experience
including corporate management, strategic planning and business
development, as well as extensive technical expertise in lasers,
optics and materials processing. From September 1999 until June
2009, he was Founder, President and CEO of Applied Photonics, Inc.,
a leading laser solutions provider for the flat panel display
industry with an installation base located primarily in Asia. From
February 1998 until September 1999, Mr. Hoekstra was Vice President
of Technology at Accudyne. From 1992 until 1998, he held various
corporate positions specializing in marketing, intellectual
property protection, technology transfer, and commercialization.
From 1986 until 1992, he was the Deputy Director of a
NASA-sponsored Commercial Center focused on space-based crystal
growth. From 1983 until 1986, Mr. Hoekstra was a leading researcher
at the Air Force Materials Laboratory at Wright Patterson AFB. Mr.
Hoekstra graduated from Illinois Institute of Technology with a
bachelor’s degree in physics in 1981, attended the U.S. Air Force
Academy from 1977 until 1979, and has completed numerous
professional military and continuing education courses. He has been
an independent director of Amtech Systems, Inc. (ASYS) since
February 19, 2007.
Mr. Senda has more than 25 years of professional experience
including project and corporate management, strategic planning and
business development, as well as management of investment funds.
Mr. Senda was Director of Business Development of Applied
Photonics, Inc., a leading laser solutions provider for the flat
panel display industry from April 2004 to February 2009. He was the
project manager of Mitsubishi Corporation in Japan from April 1992
to March 2004 and played key roles introducing and spreading 2D bar
code in Japanese and U.S. market. At the same time, he managed the
investment fund for the next generation technologies funded by
Mitsubishi Corporation and certain other major Japanese companies.
Mr. Senda graduated from Hitotsubashi University in Tokyo, Japan
with a bachelor’s degree of business in 1981.
Two of the Company’s existing directors, Derek Schneideman and
Masazumi Ishii, have agreed to resign as members of the Board and
Mr. Schneideman has also agreed to resign as Chief Executive
Officer, in both cases, effective immediately upon the Company’s
filing of the 2009 Form 10-K, which the Company currently
anticipates will occur on August 21, 2009. The resignations from
the Board were not due to any disagreement with the Company
relating to the Company’s operations, policies or practices.
About IA Global,
Inc.
IA Global, Inc. (“IA Global”) is a Business Process Outsourcing
(“BPO”) and Financial Services corporation targeting the B2B and
B2C markets in the Asia Region, the US and Australia. The Company
is actively seeking to expand its investments in the BPO, B2B and
Financial services sectors. In Japan, IA Global is 100% owner,
except as disclosed, of Global Hotline, Inc., a BPO organization,
operating several major call centers providing primarily outbound
telemarketing services for telecommunications and insurance
products. In the Philippines, IA Global operates as Global Hotline
Philippines Inc., a BPO organization, providing inbound and
outbound telemarketing services, and collocation facilities to a
variety of industries. In the Asia region, the Company has equity
investments of 20.25% in Slate Consulting Co Ltd, 36.0% in
Australian Secured Financial Limited and 12.6% in Taicom Securities
Co. Ltd.
For further information, contact:Investor RelationsIA Global,
Inc.101 California Street, Suite 2450San Francisco, CA
94111415-946-8828 (t)415-946-8801
(f)ir@iaglobalinc.comwww.iaglobalinc.com
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: This press release contains forward-looking
statements (within the meaning of Section 27a of the Securities Act
of 1933 and Section 21e of the Securities Exchange Act of 1934)
regarding us and our business, financial condition, results of
operations and prospects. Forward-looking statements in this report
reflect the good faith judgment of our management and the
statements are based on facts and factors as we currently know
them. Forward-looking statements are subject to risks and
uncertainties and actual results and outcomes may differ materially
from the results and outcomes discussed in the forward-looking as a
result of either the matters set forth or incorporated in this
report generally or certain economic and business factors, some of
which may be beyond the control of IA Global. Specifically, we are
exposed to various risks related to a decline in general economic
conditions, our need for additional financing, our level of
indebtedness, our Global Hotline business and contested ownership,
our ASFL investment, our NYSE AMEX listing, our controlling
shareholder groups, the sale of significant numbers of our shares
and a volatile market price for our common stock. Readers are urged
not to place undue reliance on these forward-looking statements
which speak only as of the date of this press release. We undertake
no obligation to revise or update any forward-looking statements in
order to reflect any event or circumstance that may arise after the
date of the press release.
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