VillageWorld.com Inc., a designer and supplier of high-speed data networks, has reached an agreement in principle to merge with Biometrics 2000 Corp. (BIO), a developer of identification and security products. A letter of intent was signed by representatives from both companlies.
Terms of the agreement call for Villageworld.com to acquire 100 percent of BIO’s stock. In exchange, the shareholders of BIO are expected to be issued shares of the company’s common stock that will approximate 55 percent of the outstanding shares following the transaction, calculated on a fully diluted basis assuming the conversion of the company’s outstanding convertible preferred stock.
