Albion Aviation And Aradyme Development Corp. Sign Reorganization Agreement
Albion Aviation, a Delaware corporation organized to operate a small aircraft charter business, announced that it has entered into an agreement to acquire Aradyme Development Corporation. Aradyme -- which develops and distributes computer software that helps companies manage and grow their businesses -- is based in American Fork, Utah.
As required by the terms of the agreement -- which was announced on Feb. 10 -- Albion, which currently has approximately 1.5 million shares issued and outstanding, will issue an aggregate of approximately 13.2 million shares of common stock and 12,000 shares of preferred stock, convertible into 120,000 shares of common stock, to the Aradyme stockholders. Options to purchase approximately 1.3 million shares of Aradyme common stock will be converted into options to purchase the same number of shares of Albion common stock. The acquisition, which is subject to approval by the Aradyme stockholders and certain other matters, should be completed on or before Feb. 28, 2003.
As a result of the acquisition, Aradyme will become a wholly owned subsidiary of Albion, and the current officers and directors of Aradyme will become the officers and directors of Albion. Aradyme's board of directors and management team will continue Aradyme's business as Albion's new subsidiary. Albion will continue to implement its air charter service through its subsidiary, Svetlana Aviation. Albion anticipates changing its name to Aradyme Corporation upon completion of the reorganization.