Jite Technologies inc. Announces Completion of the Acquisition by McVicar Resources of 51% of Jite and Changes to Its Management and Board of Directors.
Jite Technologies Inc. (TSX-V “JTI”) announces the closing on January 19, 2007 of its transaction, previously announced on December 15, 2006, whereby McVicar Resources Inc. (“McVicar”) acquired from the four major shareholders of Jite Technologies (“Jite”) 42,500,000 common shares of Jite (being 51.12% of the issued shares of Jite) from those same shareholders.
Under the agreement, McVicar has purchased 42,500,000 shares (of which 27,600,000 shares remain subject to escrow under the policies of the TSX Venture Exchange) being 51.12% of the outstanding common shares of Jite from Jiming Liu, XiaoJian Yu (both of Bakersfield, California, U.S.A.), Changlin Qin and Jing Tang (both of Toronto, Ontario), all of whom currently hold an aggregate of 63,921,000 common shares of Jite, for a total consideration of $5,312,500 which was satisfied by a combination of $1,375,000 cash and 4,375,000 shares of McVicar Resources at a deemed issue price of $0.90 per McVicar share. A total of $600,000 of the cash consideration will be paid on closing and the remaining $775,000 will be paid on July 18, 2007.