GS Telecom, Ltd. announced it has received an executed definitive Agreement with World Netcom Services, Inc, thereby acquiring all intellectual property, including patents pending, proprietary hardware and software – and all current business relationships surrounding – the ATTM Universal Card, for a consideration of 333,333 restricted shared of GS Telecom, Ltd. common stock.
The Agreement is subject to a 28-day “due diligence,” during which GS Telecom, Ltd. retains the right to cancel.
World Netcom Service, Inc. will act under an exclusive licensing agreement as a distributor of ATTM Universal Card products to network marketing companies in the United States only.
The ATTM Universal Card technology can be used to create a preloaded hybrid “Smart-Card,” that may enable transactions in 53 currencies, throughout the world, including the Pacific Rim and the Former Soviet Union. The card can also be used as an anonymous currency card, designed to make possible instantaneous, anonymous transactions over the Internet.
The execution of the final agreement was delayed from an expected date in late March, due to a redrafting as a technology acquisition instead of a simple marketing and development license. Andrew Castle, GS Telecom President, explains.
“Initial negotiations for this acquisition focused on only the licensing and marketing rights (of the ATTM Universal Card.) When the opportunity presented itself to acquire the exclusive IP, we were pleased to restructure the final document to take advantage of the offered acquisition of the proprietary technology and in-place distribution agreements.
“We look forward to developing these alliances, and to forming new strategic partnerships to enhance and deliver ATTM technology- based products to a global market.”
GS Telecom, Ltd. is a U.S. high-tech development and marketing company with offices in San Francisco and London. For more information on the company’s vision, visit GS Telecom, Ltd. on the web, at [www.gs-tele.com].
Please note: GS Telecom, Ltd. is not affiliated in any way with GST Telecommunications, Inc. of Vancouver, Washington and no inference of any relationship is suggested in any area of industry.