Hacked by islam_Bey imhatimi.org

Helios & Matheson Information Technology Ltd has informed BSE about the two Press Release containing an updates on (1) 5th successful merger and acquisition by the Company; and (2) acquisition of vMoksha-arbitration proceedings update, as follows:

(1) “vMoksha transaction - Pending judgement before the Arbitral Tribunal, presided by Hon’ble Justice Mr. K Venkataswami, Judge, Supreme Court of India (Retd.)

The written arguments have been filed and the arbitral proceedings are completed.

Helios & Matheson is hopeful of receiving a favourable award from the Tribunal shortly.”

(2) “Helios & Matheson has successfully completed the transition in the acquisition of TACT Inc (now known as Helios & Matheson North America Inc. - NASDAQ capital marker : HMNA). In March 2006 the Company acquired 43% controlling stake in TACT for an all cash deal of USD 8.75 mn.

The payment mechanism provided for a deferred payout component for protecting and transitioning the inherent value of goodwill and other intangibles of the Company. This was subject to the continuation of the founder & seller Mr. Shmuel BenTov as the president & CEO for a period of 2 years till March 31, 2008.

On March 31, 2008 Shmuel BenTov retired after 25 years of service in the Company and completed his 2 year contract as per the SPA. On his retirement the final installment was paid as per the SPA.

The documents in Escrow have been received by Helios & Matheson.

The total investment in equity of Helios & Matheson North America Inc. stands at 53.59% as on date (total cash investment - USD 11.2 mn).

Earlier Helios & Matheson had completed acquisitions of laxmi group Inc. CA, USA and System Logic solutions Ltd, Bangalore in 2001 and Maruthi consulting Inc. CA, USA & Jaya Maruthi software Systems Ltd, Chennai in 2003.

The acquisition of vMoksha in 2005 is pending judgment before the Arbitral Tribunal presided by Hon’ble Justice Mr. K Venkataswami, Judge, Supreme Court of India (Retd.) The written arguments have been filed and the arbitral proceedings are completed. Helios & Matheson is hopeful of receiving a favorable award from the Tribunal shortly”

The Company has now informed BSE that date of acquisition of Jayamaruthi and Maruthi Consulting should be read as 2004, instead of 2003.