Alpha Security Group Corporation recently terminated its Merger Agreement With Soya China Pte. Ltd. announced on December 31, 2008.
Source: PR Newswire (March 12, 2009)
Key financial targets with regards to the reverse merger transaction:
Make Good Agreement:
In connection with the Merger Agreement, 3,150,000 shares have been placed in escrow to secure obligations to meet specific Net Income Thresholds. In the event that such thresholds are not met, the escrowed shares shall be released from escrow and repurchased by Alpha for the aggregate consideration of $1.00 and then retired and cancelled.
Net Income Thresholds:
2008: $12.8 million
2009: $17.2 million
Share Incentive Agreement:
The original Soya Shareholders are entitled to receive an aggregate of up to an additional 6,000,000 newly issued shares upon achieving the following Net Income Thresholds:
2009: $19.5 million
2010: $26 million
2011: $34 million
The GeoTeam® is attempting to verify the post merger outstanding shares in order to translate the above thresholds into EPS figures.