TMCnet News
Franklin Wireless signs agreement to repurchase back stock from C-MotechAug 03, 2010 (M2 EQUITYBITES via COMTEX) -- Franklin Wireless Corp (OTC.BB:FKWL), a provider of dual-mode WiMAX and CDMA modems for 3G and 4G wireless broadband data communications, has reached an agreement with C-Motech Co Ltd to repurchase all of C-Motech's Franklin Wireless shares. Under the terms of the agreement, which was announced on Monday, Franklin will complete the repurchase of the shares by 31 December 2010. C-Motech currently holds 3,370,356 shares of Franklin's common stock, which represent approximately 24% of Franklin's outstanding shares. In addition, Kwang Sun (Kenny) Han, C-Motech's appointed board representative, will resign from Franklin's board of directors immediately upon execution of the agreement. Comments on this story may be sent to [email protected] |