On 27 September 2006, HLN Technologies Limited ("HLN" or the "Company") announced that its wholly-owned subsidiary, Process Innovation Technology Pte. Ltd. ("Process Innovation"), has on 26 September 2006 entered into a conditional investment agreement ("Agreement") with Pri-V International Pte. Ltd. ("Pri-V") and its founders, Mr Patrick Anthony Peh and Mr Yap Poh Hwa (collectively the "Founders"), to acquire ordinary shares ("Sale Shares") in the capital of Pri-V from the Founders and subscribe for new ordinary shares ("Subscription Shares") in the capital of Pri-V, in aggregate representing 60% of the enlarged share capital of Pri-V.
The Board of Directors of the Company is pleased to announce that Completion of the Agreement ("Completion") has taken place on 18 November 2006. Pursuant to Completion, Process Innovation was issued 641,853 Subscription Shares in the capital of Pri-V and the Founders have through their holding company, IRB International Pte Ltd ("Holding Company") transferred 128,371 Sale Shares in the capital of Pri-V to Process Innovation representing 60% of the issued and paid up capital of Pri-V.
Following thereon, Process Innovation is the registered shareholder of 770,224 ordinary shares in Pri-V representing 60% of the enlarged issued and paid up capital of Pri-V.
In addition, on Completion, Process Innovation has entered into a Shareholders' Agreement with the Founders and the Holding Company to regulate their relations inter se as shareholders of Pri-V.
None of the directors or controlling or substantial shareholders of the Company has any interest, direct or indirect, in the joint venture.
A copy of the Shareholders' Agreement and the Agreement are available for inspection at the registered office of the Company at Block 16, Kallang Place, #01-18, Singapore 339156 during normal office hours for a period of (3) months from the date hereof.
By Order of the Board
Wa Kok Liang
Executive Director
20 November 2006
THE INITIAL PUBLIC OFFERING OF THE SHARES OF HLN TECHNOLOGIES LIMITED WAS SPONSORED BY WESTCOMB CAPITAL PTE LTD ("THE MANAGER"). THE MANAGER ASSUMES NO RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT.