BITTNET SYSTEMS S.A. (hereinafter referred to as “Company” / “Issuer”) informs investors about the signing of the contract for taking over a majority stake in ITPREPARED SRL. The transaction price amounts to USD 673,200 for 50.2% of the company’s shares and will be paid through a mix of cash and BNET shares in 3 tranches: The first tranche, in amount of USD 265,200 will be paid immediately after signing the contract, by transfer to the two founding shareholders of ITPREPARED. Tracks 2 and 3, amounting USD 265,200, respectively USD 142,800, will be paid to the founders of ITPREPARED by settling in BNET shares in a future operation to increase the share capital. The actual number of shares to be issued will be determined in accordance with art. 210 (2) of Law 31/1990 and art. 87-88 of Law 24/2017 on issuers of financial instruments and market operations and art. 174 of the FSA Regulation no. 5/2018. The BNET shares for each of tranches 2 and 3 will be issued after the closing and approval of the ITPREPARED financial statements for the years 2021 (tranche 2) and 2022 (tranche 3). ITPrepared is a managed services company that offers IT support services for Romanian and foreign clients, on technologies similar to those covered by Dendrio Solutions (a company 100% owned by Bittnet), respectively on the solutions of vendors such as Cisco, Microsoft and VMWare. At the same time, ITPrepared has internally developed a platform – currently in beta form – for marketplace IT support on which the services delivered by Dendrio Solutions may be listed in the future.
