110 Media to Buy Web Host
September 8, 2005 — (WEB HOST INDUSTRY REVIEW) — Web hosting business 110 Media Group (110media.com) announced on Thursday that it had entered into a letter of intent to buy Web hosting provider Global Portals Online (globalportalsonline.com).
If closing conditions are met, 110 Media will acquire all the issued and outstanding shares of Global Portals Online common stock, in exchange for a portion of the issued and outstanding shares of 110 Media Group. Global Portals Online would become a subsidiary of 110 Media.
The conditions for the closing of the transaction include the completion of due diligence, the negotiation of definitive documents and the completion of financing and a reverse stock split.
