CHRISTCHURCH - E-Force will complete its transition to an e-commerce company today with the issuing of 36 million shares to buy Product Sourcing International and 3 million shares to buy Imagic.
Shareholders at the company's annual meeting, held in Christchurch yesterday, unanimously approved special resolutions to acquire the two companies.
Together, PSI
and Imagic bring nearly 80 staff into Christchurch- based E-Force, the former Paynter Timber, although PSI's operations will remain based in Auckland.
Paynter decided to change its business direction last year, and exit the indigenous timber milling industry, chairman Richmond Paynter said.
In February, shareholders voted on a change of direction, for a change of name to E-Force, and to issue 1 million shares to Mark Fulton to buy E-Force, an internet portal.
E-Force now has four arms, Mr Paynter said. PSI, Imagic, the E-team and the E-Force portal added up to a complete e-commerce company, from manufacturer to consumer.
The E-team would focus on networking, infrastructure, architecture, and hosting.
PSI has more than 60 staff, offices in Auckland, China, and Hong Kong, and affiliates in Malaysia, Indonesia, and Vietnam.
Managing director Bill Farmer said the company had grown rapidly since it was established nine years ago, with cash reinvested into the business to fund further growth.
E-Force is issuing 36 million shares to acquire PSI from Mr Farmer and several other vendors, giving them a majority stake in E-Force, which had almost 32 million shares on issue yesterday.
PSI's stake will be diluted to 20.4 per cent, however, if directors issue addition shares as allowed in resolutions at yesterday's meeting.
- NZPA
