Things will be getting hot and sweaty over at Loop Wireless following its proposed acquisition by porn purveyor, AdultShop.com.
Under the agreement Loop Wireless will become a wholly owned subsidiary of ASC in return for the issue of 20 million ordinary shares in ASC and 80 million performance shares in ASC, plus the provision by ASC of $1.5 million for Loop Wireless working capital.
The acquisition is part of AdultShop’s diversification into an area designed to titillate other senses – the international 3G content market.
In a statement Loop said the proposed acquisition also has the potential to take its 3G mobile social networking product, Kink Kommunity, to Europe and the United States.
A UK launch of Kink is now planned for April with the aim of joining Australian and UK Kommunity members in a real-time social networking forum by mid-year.
Loop Wireless CEO Gavin Bullen said in a statement that the ISPs acquisition was a calculated diversification of ASC's content business, from traditional adult-oriented content.
“There is very limited real estate on mobile phones, so we have to develop content in a very limited space," he said.
Adultshop to buy Loop Wireless
By Staff Writers on Mar 17, 2006 1:39PM