HONG KONG, November 17, 2001 -- Wireless communications technology investment company imGO (SEHK: 0067) today held an Extraordinary General Meeting to exercise three put option agreements.
A resolution was passed giving imGO the right to sell all its interests in three property-owning companies to Guoco Group Limited. The closing of the transaction is expected within the next week. imGO will hold US$285 million in cash after the exercise of the options.
Speaking at the EGM, Mr. Michael Ricks, imGO CEO, said: "Given the current state of the property market in Hong Kong, it is not in the best interests of the shareholders to continue holding these property investments, which are declining in value. imGO is therefore seizing the opportunity to realize the current value of the investments and focus on investment in entities with more growth potential. We have developed the management and processes for finding, making and managing investments in wireless-related technology companies that we expect to provide very high growth over the next few years. This is an excellent time to be investing in top quality technology assets."
Upon exercising the options, imGO will continue seeking to acquire interests in other technology companies across all stages of development, including controlling stakes in companies with established business. The company has already developed minority interests in InfoTalk Corporation, iSilk, IP Infusion and NESS Display Corporation.
In September 2001, imGO co-led a financing round and invested US$3 million in IP Infusion, a leading provider of advanced network software for the support of Internet core, edge, and access equipment. With the explosion of networking technology and Internet standards, IP Infusion's solutions make it easier for equipment vendors to deliver solutions to the market in a timely, cost-effective manner. In May 2001, imGO led a group of leading technology providers and global financial institutions in funding for InfoTalk Corporation, which specializes in developing multilingual conversational speech recognition technology and natural language technology. imGO's contribution of US$4 million will support InfoTalk's expansion plans and development. In January 2001, the company acquired a shareholding in iSilk, the visionary developer of Natural Language Processing (NLP) and Artificial Intelligence software applications. Another deal, completed in July, saw imGO participate in financing US$5.25 million for NESS Display Corporation, a high-tech R&D organization in Korea specializing in OLED technologies.
"With a significantly increased fund, imGO intends to intensify its acquisition activities going forward." said Mr. Ricks. He noted that the company was mainly looking for opportunities in four regions: China, Japan, South Korea and companies on the west coast of North America with significant interests in Asia.
Note to editors: imGO Limited is an investment holding company that focuses on the emerging wireless communications area in Asia. Its major shareholders are Investor AB, Sweden's largest holding company; Ericsson, a global leader in telecommunications; Hutchison Whampoa, a leading Hong Kong-based conglomerate with extensive wireless networks; and Guoco Group, a leading Asian financial conglomerate. imGO leverages the expertise and presence of its major shareholders and the experience of its management team to provide exceptional partnership and growth opportunities to its investee companies. imGO is listed on the Stock Exchange of Hong Kong (SEHK: 0067). For more information, please visit www.imgo.com
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