RICHARDSON, Texas- @Track Communications Inc. announced the execution of a stock purchase and exchange agreement with Minorplanet Systems plc, a provider and distributor of telemetric-based vehicle management information systems.
Under terms of the agreement, Minorplanet will acquire 10 million shares of @Track common stock for $10 million and receive an additional 140 million shares of @Track common stock in exchange for an exclusive 99-year license to market, distribute and operate Minorplanet’s VMI technologies in the United States, Canada and Mexico.
In addition, a majority interest of the company’s 13.75-percent senior notes due 2005 have agreed to exchange their senior notes for approximately 56.2 million shares of @Track common stock, the company said.
