Attached files
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| EX-99 - PRESS RELEASE DATED 11-29-2010 - ASURA DEVELOPMENT GROUP, INC. | ex_99-1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 22, 2010
IA Global, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
| 1-15863 |
| 13-4037641 |
(State or other jurisdiction |
| (Commission |
| (IRS Employer |
101 California Street, Suite 2450, San Francisco, CA 94111
(Address of principal executive offices) (Zip Code)
(Registrant’s telephone number, including area code) (415)-946-8828
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 133-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.01. Completion of Acquisition or Disposition of Assets.
Acquisition of Zest Corporation Co Ltd and Zest Home Co Ltd (“Zest”)
On November 22, 2010, IA Global, Inc. (the “Company”) acquired 100% of Zest from Kansai Trust Co Ltd, Japanese companies. Zest reported revenues of 2.37 billion JPY or approximately $28 million at current exchange rates and was profitable during the year ended March 31, 2010.
Zest is engaged in the custom home design and construction business for middle-class families looking for high quality at reasonable prices. Zest operates out of three locations in Central Japan (Himeji, Tatsuno, and Kakogawa) under an exclusive license from Universal Home Co. Ltd.
Established in 1997, Zest was acquired for the equivalent of 80,000,000 JPY or approximately $890,000 at the current exchange rate. The acquisition was financed through the issuance of 666,667 shares of IAGI common stock (or the equivalent of 60,000,000 JPY at $1.00 per share), with the balance funded through debt.
Proposed Acquisition of PowerDial Systems, Ltd, a VOIP System Company and PowerDial Services, Ltd, a VOIP Service Company (“PowerDial”)
On October 13, 2010, the Company announced the signing of a Letter of Intent to acquire 100% of PowerDial from Innovative Software Direct Plc, a U.K. company listed on the U.K. PLUS Market.
PowerDial is based in Durham County, England and provides physical networks, Green IT solutions, and applications that control the performance and integrity of wireless, voice, video, and data networks. PowerDial reported revenues of $2.7 million in FY2009 and expects to grow in 2010 and later years.
The acquisition is expected to close by December 15, 2010.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No. | Description |
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Press Release issued by IA Global, Inc. on November 29, 2010. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
IA Global, Inc.
(Registrant)
Dated: November 29, 2010
| By: | /s/ Mark Scott Mark Scott Chief Financial Officer |
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