eBay franchise business merger
Online Sales Strategies Inc. has agreed to sell its eBay franchise business “The Online Outpost” to GIGcom Inc. for 10 million common shares of GIGcom stock.
Tampa-based GIGcom is a privately held company that plans a roll-up of similar Internet businesses. At the completion of the transaction, Online Sales will own 40 percent of GIGcom’s stock, after an expected capital raise and initial roll-up of related companies. Online Sales (Pink Sheets: OSSG) will also merge with Pangea Ultima Corp., a privately held company that comprises multiple public and private equities. Its portfolio will be combined with the Online Sales’ existing portfolio, which includes 120 million EarthFirst Technologies Inc. (OTC BB: EFTI) common shares, 20 million Nanobac Pharmaceuticals Inc. (OTC BB: NNBP) common shares, and 20 million U.S. Energy Initiatives Corp. (OTC BB: USEI) common shares. The 10 million GIGcom shares will also be included in the portfolio.
Pangea Ultima will take over management of the post merger company, a release said.
“Pangea will continue to focus on fostering developmental companies that can add value to our dynamic portfolio of emerging growth companies,” John Stanton, president, said in a release.
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