Axon Infotech Ltd has informed that the Board of Directors of the Company at its meeting held on September 19, 2007, inter alia, has considered and accorded the following:
1. Decided to Induct Mr. Ramakrishna Dutt, as an Additional Director on the Board and entrust him with the responsibilities of Chief Executive Office (CEO).
2. Considered and Decided to the Amalgamate M/s. Quasar Innovations Pvt Ltd, Bangalore with the Company.
3. Ratified the appointment of M/s. Firstcall India Equity Advisors Pvt Ltd as the financial and strategic advisors of the Company.
4. Decided to discuss the swap ratios for the proposed amalgamation after studying the valuations given by the financial advisors.
5. Decided to meet on September 27 to discuss the associated valuations and swap ratios for the proposed Merger / Amalgamation of M/s. Quasar Innovations Pvt Ltd. Bangalore with the Company.
6. The Company is situated in Bangalore, Indias IT hub, and has grown at 300% year on year since its inception. Quasar also has liaison offices in North America and Europe to serve its international customers better. During its years in the wireless telecom area, QI has forged strong ties with market leaders such as Motorola, Ericsson and Texas Instruments.
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