Oct 20 2009
Pashminadepot.com, Inc. (OTCBB:PASH) announced today that it has completed the previously-announced acquisition of SwissINSO SA, a Swiss corporation (“SwissINSO”) located in Lausanne, Switzerland. SwissINSO utilizes its intellectual property assets to provide environmentally friendly, innovative solar energy solutions and related technology to meet growing global needs. In particular, the company uses renewable energy for the purification and desalination of water and the cooling of buildings.
Pursuant to the definitive stock purchase agreement, Pashminadepot.com purchased 100% of SwissINSO SA for an aggregate of 50,000,000 shares of its common stock. As a result, the shareholders of SwissINSO now hold two-thirds of the shares of Pashminadepot.com. Pashminadepot.com is reincorporating in Delaware and will change its name to SwissINSO Holding Inc. Both changes will be effective at the end of the month.
Clive Harbutt, Director of Pashminadepot.com said, “We’re very excited to close this transaction. Together with the outstanding technology, ideas and executives at SwissINSO, our company is forging ahead with innovative renewable energy solutions that will make tangible differences in people’s lives.”
Yves Ducommun, CEO of SwissINSO said, “All of us at SwissINSO are pleased to finalize the transaction with Pashminadepot.com, and we are looking forward to realizing the immense potential inherent in what we have developed. This is an exciting time for us and we look forward to begin executing on our commercial business strategy.”
Source: http://www.swissinso.com/