Pashminadepot.com, Inc. Executes Definitive Purchase Agreement with SwissINSO SA
NEW YORK-(Business Wire)-September 16, 2009 - Pashminadepot.com, Inc. (OTCBB: PASH) announced today the execution of a definitive stock purchase agreement to purchase all the shares of SwissINSO SA, a Swiss corporation with a registered office in Lausanne, Switzerland (“SwissINSO”). Upon closing, SwissINSO will become a wholly-owned subsidiary of Pashminadepot.com, Inc.
Pashminadepot.com has agreed to purchase 100% of SwissINSO for 50,000,000 shares of its common stock. Closing is contingent on the receipt of the audited financial statements of SwissINSO in addition to other customary closing conditions. Prior to the closing of the acquisition, Pashminadepot.com, Inc will initiate the process to reincorporate in Delaware and change its name to SwissINSO Holding Inc.
Yves Ducommun, CEO of SwissINSO said, “This is a momentous event for our company. Merging with a U.S. entity gives SwissINSO the ability to grow and execute on our business plan. Our mission is to deliver social, economic and environmental value to our customers, employees, business partners and shareholders via innovative, “green” products and services. This transaction is a major step forward in accomplishing our goals and we are looking forward to closing the acquisition as soon as possible.”
About SwissINSO: SwissINSO SA, a Swiss corporation located in Lausanne, Switzerland, utilizes its intellectual property assets to provide innovative solar energy solutions and related technology to meet growing global needs. The company’s goal is to become a world leader in turn-key, solar powered solutions for the purification and desalination of water and the air cooling of buildings. Additional information can be found at http://www.swissinso.com.
Safe Harbor Statement: A number of statements contained in this press release are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including our ability to consummate the closing, our ability to raise capital when needed and on acceptable terms and conditions, the intensity of competition and general economic factors. The actual results Pashminadepot.com may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Pashminadepot.com encourages the public to read the information provided here in conjunction with its most recent filings, which may be viewed at www.sec.gov.
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