February 23, 2008
K-9 Concepts Inc announced that it has completed its acquisition of 100% of the outstanding membership interests of Aussie Soles International LLC, an early stage casual footwear company.
In connection with the transaction, K-9 issued approximately 12.9 million new shares of its common stock in consideration of 100% of the membership interests of Aussie Soles.
The former owners have an ability to earn into 6 million additional K-9 shares assuming certain operating milestones are met.
In addition, 2.1 million shares are being held in escrow pending the satisfaction of certain representations and warranties that were made by Aussie Soles.
Immediately upon closing of the exchange, interest holders of Aussie Soles will own approximately 33% of K-9. The transaction is not being structured as a reverse merger.
Craig Taplin, founder and CEO of Aussie Soles International LLC will become the CEO of K-9, which will undertake to change its name to Aussie Soles Group Inc as a result of a shareholder action taken on the date of the closing of the transaction.
The new company, which has no revenues and nominal assets, intends to hire a management team and formally commence
operations in North America in the near future.
The combined enterprise intends to build the brand, "Aussie Soles" into a globally known brand of footwear and accessories for the fashion, surf, travel, and medical industries.
The combined enterprise intends to accomplish its objectives by designing and marketing a complete line of reasonably priced casual footwear and related accessories for all seasons, by co-branding its products with high-visibility partners, and through patent and related intellectual property protection.
K-9 Concepts Inc
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