Feelingk Co. Ltd. cancelled the acquisition of Genikids Inc. from Pobis TNC Co., Ltd..
July 21, 2017
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Feelingk Co. Ltd. (KOSDAQ:A064800) agreed to acquire Genikids Inc. from Pobis TNC Co., Ltd. (KOSDAQ:A016670) for KRW 3.4 billion on July 22, 2016. As part of transaction, Feelingk agreed to acquire 38,169 shares of Genikids by paying KRW 1 billion in cash as deposit on July 22, 2016 and agreed to pay the balance of KRW 2.4 billion in 5th round unregistered coupon unguaranteed private convertible bonds. on July 25, 2016. The transaction consideration marks a price to cap ratio of 13.18%. As on December 31, 2015, Genikids had total assets of approximately KRW 2.87 billion, shareholders' capital of approximately KRW 2.8 billion, revenue of approximately KRW 1.47 billion and net profit of approximately KRW 110 million. The transaction is the result of Feelingk's board resolution dated July 22, 2016 and is scheduled to close on July 25, 2016.
Feelingk Co. Ltd. (KOSDAQ:A064800) cancelled the acquisition of Genikids Inc. from Pobis TNC Co., Ltd. (KOSDAQ:A016670) on July 22, 2017.
GemVaxLink Co Ltd, formerly Feelingk Co Ltd, is a Korea-based company mainly engaged in the sale of clothing miscellaneous goods. The Company operates its business through two segments. The Overseas Fashion Business segment sells apparel, fashion, miscellaneous goods, and luxury goods. The Wireless Internet Solution Business segment mainly develops wireless Internet solutions such as short message service center (SMSC) and long message service center (LMSC) systems, wireless application protocol (WAP) gateways and multimedia message service center (MMSC) systems, and other wireless Internet solutions such as ring back tone (RBT), unified messaging system (UMS) as well as wireless Internet platforms for interoperability (WIPI) globalization solutions under the brand name of Feelingk. The Company also involves in the management consulting and real estate rental business.
GEMVAXLINK CO., LTD. 
