SWWT INC. TO MERGE WITH SANVISION TECHNOLOGY, INC.
COMBINED "IT SOLUTIONS" COMPANY WILL SPECIALIZE IN E-BUSINESS SOFTWARE AND
SERVICES FOCUSED ON THE FINANCIAL SERVICES INDUSTRY.
On July 23, 2001, SWWT Inc. ("SWWT") (SWWT: OTCBB) entered into a merger
agreement with SanVision Technology, Inc. ("SVT"), an IT solutions company
specializing in e-business software and services focused on the financial
services industry. SVT was founded in 1992 by Mr. Xxxxxx Xxxxx, formerly with XX
Xxxxxx.
The combined company will pursue a strategy of cross-border development, with
software developers collaborating between India and the United States on
development projects and recruiting initiatives. Under the terms of the
agreement, the combined company will be renamed "SVT Inc." at a later date.
Under the merger agreement, SWWT will issue 36,071,064 shares of SWWT common
stock to the stockholders of SVT in exchange for their shares of SVT. Upon
completion of this transaction, the combined company will have outstanding
approximately 41,224,073 shares of common stock, on an as converted and fully
diluted basis, of which the current stockholders of SVT will own approximately
87.5%.
The merger has been approved by the board of directors of each company and the
stockholders of SVT. Consummation of the merger is subject to approval by the
SWWT stockholders and various other closing conditions.
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Statements in this press release, other than statements of historical
information, are forward-looking statements that are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that forward-looking statements are inherently
uncertain. Actual performance and results may differ materially from those
projected or suggested herein due to certain risks and uncertainties, including,
without limitation, the risks associated with the ability to consummate the
transactions set forth above, management of growth, and competition, as well as
operating risks. Those and other risks are described in SWWT's filings with the
Securities and Exchange Commission (SEC) over the last 12 months, copies of
which are available from the SEC or may be obtained upon request from SWWT.
