MIAMI LAKES, Fla.-Calypso Wireless Inc., a broadband technology provider, will retain its name under an acquisition for an undisclosed sum by Kleer-Vu Industries Inc., the companies announced Nov. 4.
In conjunction with the merger, the company, whose shares trade over the counter, executed a reverse stock split of its common shares and canceled its outstanding preferred stock. Reverse splits reduce the number of outstanding shares and consequently increase individual share price.
Calypso said its technology allows mobile operators to deliver broadband data and video conferencing without replacing existing cellular networks by using Wi-Fi connection points.
“We believe this acquisition will be very profitable to our shareholders,” said Patrick Lannen, president of Calypso.
