
July 29th, 2008 by Melanie Turner Staff writer
CelLynx and Norpac complete reverse merger
CelLynx Inc., a developer and manufacturer of cell phone signal-amplification technology, and Norpac Technologies Inc. have completed a reverse merger, the companies announced this week.
Norpac (OTCBB: NRPT) will file for a name change to CelLynx Group Inc., and for a stock ticker symbol change, which would become effective early next month. El Dorado Hills-based CelLynx is the company’s sole business. CelLynx shareholders own about 61.8 percent of the equity in the newly merged company.
Along with the transaction, all prior Norpac officers have resigned. They’ve been replaced by the CelLynx officers, including founders Daniel Ash, who is serving as chief executive officer, and Tareq Risheq, CelLynx’s chief strategy officer.
Also in connection with the merger, the company has successfully completed a series of equity financing, raising $2 million from a group of accredited and institutional investors.
Under terms of the merger transaction, Norpac issues about 1.25 shares of common or preferred stock in exchange for each share of CelLynx common stock.
CelLynx has developed a product designed to boost cellular signal strength inside a home, office or vehicle by plugging in an “enhancer” unit next to a window. One of the company’s early investors is Irvine-based Palomar Ventures.
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