Integrated Data Corp. & DataWave Execute Letter AgreementExecute Letter Agreement • April 29th, 2004 • Integrated Data Corp • Radiotelephone communications
CONSHOHOCKEN, Pa., April 23, 2004 (PRIMEZONE) -- Integrated Data Corp. (OTCBB:ITDD) ("IDC") announced today that IDC and DataWave Systems Inc. (TSX Venture Exchange:DRV) (OTCBB:DWVSF) ("DataWave") have entered into a binding Letter Agreement whereby IDC will acquire DataWave by merger in which shareholders of DataWave will be issued shares of IDC in exchange for all the issued and outstanding shares of DataWave. IDC currently holds approximately 50.1% of DataWave's shares and has been an investor in the company since 2002. Prior to that, IDC's principal shareholders have been investors in DataWave since 1999. The Letter Agreement has been approved by the Boards of Directors of both companies. The closing of the transaction proposed by the Letter Agreement, anticipated to occur on or before December 31, 2004, is subject to a number of conditions, including the following:
