Nstein Technologies Inc. has announced that it officially concluded the acquisition of KMtechnologies, a Canadian software developer of Web-based collaboration and document management solutions. The transaction was announced on April 22, 2004. Pursuant to the KMtechnologies acquisition agreement, and having received the regulatory approvals, Nstein has issued 5,950,000 common shares at a price of $0.30 per share, the majority of which will be voluntary escrowed, as well as warrants to acquire an additional one million common shares at $0.40 per share for a 12-month period following the date of the transaction, and at $0.50 per share for an additional 12 months.
KMtechnologies develops and markets a collaborative software solution, Work2gether, which is designed to enable organizations to create, store, publish, and process documents, forms, content, and tasks. KMtechnologies also provides professional consulting services, training and support to ensure client success.