Newburyport, MA (PRWEB) May 26, 2010
TouchIT Technologies, manufacturer of touch-based visual communication products has announced that it has successfully completed a voluntary share exchange with Hotel Management Systems Inc (OTC Bulletin Board), a shell company incorporated in Nevada. In connection with this share exchange, Hotel Management Systems plans to change its name to TouchIT Technologies Inc as soon as practical after all applicable requirements can be satisfied and the Company will apply for a change of its stock symbol on the Over-the-Counter Bulletin board to reflect this amendment.
The transaction was completed by a reverse acquisition of Hotel Management Systems, with TouchIT Technologies’ stockholders owning a majority of the outstanding shares in Hotel Management Systems Inc. As a result of the share exchange, TouchIT Technologies business now constitutes Hotel Management System’s sole business. The officers of TouchIT Technologies have replaced the officers of Hotel Management Systems, the company will retain all TouchIT Technologies’ employees and the company will maintain its principal operations in Istanbul, Turkey.
At the closing of the share exchange, Hotel Management Systems issued 48 330 00 of its common stock to the stockholders of TouchIT Technologies representing 78.93% of the Company’s issued and outstanding stock, prior to any financing. At the same time, Purchase Notes and Warrants were issued. In the event that all Notes are converted, including those that are to be issued pursuant to the Purchase Notes, and Warrants are exercised, the Company will have issued and outstanding a total of 79,230,000 Common Stock. Of this amount, 60.99% will be held by management which changed in connection with the Closing
“We are delighted to complete this transaction and become a public company.” said Andi Brabin, CFO & President of World-Wide Operations. ”The going public transaction provides a strong financial foundation, which will allow us to further grow the business on a world-wide basis” he added.
Further details regarding Hotel Management Systems and the details of the share exchange agreement and additional information about the business, financial condition and management of TouchIT Technologies are filed as part of the continuous public disclosure as a reporting issuer under the Securities and Exchange Act of 1934 with the Securities and Exchange Commission’s EDGAR database.
About TouchIT Technologies
We design, produce and market touch-based visual communication products. Our mission – the design and manufacture of high quality technology products under the TouchIT Technologies™ brand name. We manufacture a large range of touch-screen and touch-board products to suit all types of application from small LCD touch-screens to large interactive whiteboard displays and audience response systems. TouchIT Technologies undertakes OEM and ODM work for partners all over the world with manufacturing facilities in Istanbul Turkey and Sales Offices in London UK, Co Limerick Ireland and Boston Massachusetts USA.
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