Kornic Glory Co. Ltd. signed a statutory merger agreement to acquire INFOSEC Technologies Co, Ltd. for KRW 4.8 billion.
August 30, 2012 at 12:00 am
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Kornic Glory Co. Ltd. (KOSE:A094860) signed a statutory merger agreement to acquire INFOSEC Technologies Co, Ltd. for KRW 4.8 billion on August 30, 2012. Kornic Glory Co. Ltd. will issue 1 share for every 0.6453125 shares of INFOSEC Technologies and will issue 1.5 million shares of its common stock. After the merger, INFOSEC Technologies will be dissolved. On October 26, 2012, the deal was approved from Kornic Glory shareholders.
INFOSEC Technologies Co, Ltd. reported annual revenue of KRW 12.18 billion, total assets of KRW 6 billion, total liabilities of KRW 2.3 billion, total common equity of KRW 3.7 billion and net profit of approximately KRW 880 million. The Board of Directors of INFOSEC Technologies resolved the transaction on August 31, 2012. General meeting of shareholders of INFOSEC Technologies Co, Ltd. is scheduled for October 26, 2012 and date of submission of objections from creditors is from October 29, 2012 till November 29, 2012. The transaction is expected to close on December 1, 2012.
Neorigin Co Ltd, formerly KornicGlory Co Ltd, is a Korea-based company principally engaged in the provision of security solutions. The Company operates its business through two segments. The Security Business segment provides security solutions such as wired security solutions, wireless security solutions, and other security solutions. The Cosmetics Business segment provides skin moisturizing and basic makeup products such as Ato Derma and restore firming cream.
NEORIGIN CO., LTD. 
