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Franklin Wireless signs agreement to repurchase back stock from C-Motech
[August 03, 2010]

Franklin Wireless signs agreement to repurchase back stock from C-Motech


Aug 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.

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