News Item
MGM Wireless to merge with imaging software company - Ezyimage Ltd.
ADELAIDE, June 10th, 2003 - MGM Wireless today announced that it has entered into an agreement to merge with three-dimensional imaging software company, Ezyimage Ltd (ASX: EZI).
Ezyimage, a publicly listed company on the Australian Stock Exchange, provides a range of imagery services for industry including real estate, fashion, tourism and leisure, and the document storage industries.
Ezyimage's technology allows users to remotely inspect sites over the Internet using stereoscopic imaging techniques.
MGM Wireless will provide the technology and platform to deliver its imaging technology over the mobile multimedia-messaging platform, MMS."This merger will mean significant benefits to both MGM Wireless and Ezyimage," said Mark Fortunatow, MGM Wireless' chief executive officer.
"MGM Wireless Customers will be able to view images both on mobile phones that support Multimedia Messaging and on the web, and Ezyimage Customers will have the ability to view images on MMS mobile phones.
"Under the proposed merger MGM Wireless shareholders will receive between 50 and 59 million shares in Ezyimage in exchange for intellectual property rights to the company's software.
The heads of agreement covers the principle terms of the proposed acquisition and is subject to several conditions including due diligence and shareholder approval.
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