SAN RAMON, Calif.-U.S. Wireless Corp. announced it completed the acquisition of the minority interest in its subsidiary, Labyrinth Communication Technologies Group Inc.
The merger will be implemented exchanging approximately 4.5 million shares of U.S. Wireless’ common stock for 490,000 shares of Labyrinth’s-49 percent of the company’s outstanding shares.
Prior to the acquisition, Labyrinth was a 51-percent owned subsidiary of U.S. Wireless and owner of the RadioCamera and the Location Fingerprinting technology. The merger consolidates ownership of the companies’ products, technologies and intellectual property. U.S. Wireless will have about 11.8 million outstanding shares after the issuance to the Labyrinth stockholders.
