The new owners plan to take their company public on Nasdaq through a reverse merger with TVG.
A group of investors have acquired 51% of TVG Technologies Ltd. (Pink Sheets: TVGTF) for $9 million, or $0.64 per share - quadruple yesterday's closing price in New York of $0.15. The investors own a data security company, whose name TVG did not disclose.
The new owners plan to take their company public on Nasdaq through a reverse merger with TVG. They said that they will keep TVG as its R&D base in Israel, which it will expand.
TVG develops data security software for smartphones, tablet computers, and other mobile devices for electronic wallets and other purposes.
Published by Globes [online], Israel business news - www.globes-online.com - on May 12, 2011
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