Fireswirl Acquires Interest in Chinese Pushmail Integrator
November 27, 2008 - Vancouver, British Columbia - Fireswirl Technologies Inc. (TSXV:FSW).
Fireswirl Technologies Inc. (the "Company") announces its wholly owned subsidiary Fireswirl Technologies (Shenzhen) Co. Ltd. ("FTSCL") has acquired 21% of Beijing Tysen Xieli Technology Co. Ltd ("Tysen") a limited liability company incorporated under the laws of the People's Republic of China. FTSCL total investment in Tysen is 3.5 million RMB (approximately Cdn $625,000) consisting of 1.4 million RMB (approximately Cdn $250,000) paid to the existing shareholders (subject to milestones) and 2.1 million RMB (approximately Cdn $375,000) invested to Tysen for working capital. FTSCL has an option to acquire a further 30% of Tysen within the year 2011 at a an amount equal to 5 times the multiple of 30% of the after tax net earnings of Tysen in 2010. Fireswirl's investment in Tysen is governed by a definitive shareholder agreement that allows Fireswirl to appoint the "legal representative" of Tysen, 2 of the 3 person board members, and entitlement to 30% of Tysen's net earnings until December 31, 2009. FTSCL's investment in Tysen required foreign ownership approvals from the Peoples Republic of China which has been obtained.
Tysen is an integrator of a push e-mail ("pushmail") and mobile messaging software that has entered into a collaboration agreement with China Unicom Shanghai. (the provincial branch of China Unicom, http://www.chinaunicom.com.hk) China Unicom Shanghai officially launched the service on October 21, 2008 at Expo Comm China 2008 Beijing. Tysen's pushmail and mobile messaging service for China Unicom is powered by SEVENŽ who provide mobile messaging solution for business and consumer users globally through major wireless carriers. SEVENŽ supports more than 450 mobile devices across all the major operating systems including Windows Mobile, Brew, J2ME, Symbian and Palm OS. SEVENŽ is headquartered in the United States with offices around the globe. (http://www.seven.com).
Fireswirl Technologies Inc. (TSXV: FSW) has been a developer of gaming and entertainment software since 1999. The Company's technology has broad applications for solutions requiring multiple payment interfaces, multi-currency and multi-language capabilities for either internet or wireless applications. With offices in Canada and China, the company is active in sales of mobile handsets and providing value added services for the telecommunications industry.
Further information can be found on the company at: www.fireswirl.com or contact:
Dale Peterson, President & CEO
T: 604.540-8805 Ext. 230
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. This news release contains certain forward-looking statements that reflect the current views and/or expectations of Fireswirl Technologies Inc. with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to changes in the market, potential downturns in economic conditions, foreign exchange fluctuations, general demand, competition and our ability to implement our business plans and strategies in a timely manner or at all. These risks, as well as others, could cause actual results and events to vary significantly. Fireswirl Technologies Inc. does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.