Tuesday, December 10, 2013

NFC Data Inc. withdrew from agreement with Play LA Inc.

Play LA Inc., BVI-registered internet advertising and publishing company, announced that NFC Data Inc. withdrew from the Share Purchase Agreement which the parties had signed in December 2012 with the purpose of the BVI company to exchange its shares and acquire the business and assets of NFC Data Inc.

Geoff Cairns, CEO of NFC Data Inc., advised the company of the withdrawal after entering into agreements with private investors to sell a portion of NFC Data Inc. equity that would value NFC Data Inc. at $25,000,000.

It was stated that withdrawing the Agreement was a unilateral decision made by NFC Data Inc., while Play LA Inc. intended to complete the transaction, and now the BVI company is exploring the legal possibilities in this matter in all jurisdictions involved.