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XML for sale
2003-07-21 admin
XML Global Technologies, developer of XML middleware, has entered into a non-binding letter of intent to sell substantially all of its business assets to Xenos Group Inc. of Toronto, Canada, (TSX:XNS) for a combination of cash and stock.
Consummation of the transaction is subject to execution of a definitive agreement, all requisite regulatory and stockholder approvals, including approval of XML Global stockholders and other conditions customary in transactions of this nature. It is expected that the transaction will close on or about September 30, 2003.
Further details will be made available upon the execution of a definitive agreement. XML Global has not decided on how the proceeds of the sale will be used.
Peter Shandro, XML Global's Chairman of the Board commented "Xenos Group has the customer relationships to fully leverage XML Global's technology. We believe that Xenos is well-positioned to extend its business using our transformation technology and that this transaction will generate significant value for our stockholders".
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