I.I.S. Intelligent Information Systems Ltd. (“IIS” or the “Company”) announced that it has consummated the Share Exchange Agreement with Witech Communications Ltd., an Israeli company (“Witech”) and all shareholders of Witech that was signed on November 5, 2007 for the acquisition of all the outstanding shares of Witech in exchange for the issuance of 11,552,226 shares of IIS to the shareholders of Witech, representing approximately 50% of the issued and outstanding shares of IIS following the issuance.
Witech, incorporated in February 2004, is engaged in the field of video transmission using proprietary wireless communications technology. Witech’s first product is a wireless video transmission system for use on roller coasters and thrill rides in amusement parks as well as other moving attractions. (www.cdride.com).
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