Following the purchase transaction described above, the Company's primary business activity is providing lead acquisition, response and management services to real estate brokers and agents across North America, along with website and wireless realty products.
On June 13, 2005, the Company acquired 100% of the outstanding common shares of Executive Wireless, Inc. ("EWI"). The results of EWI's operations have been included in the consolidated financial statements of the Company since that date. EWI is a provider of wireless and mobility products for real estate agents in the U.S. and Canada.
The aggregate purchase price was $179,000, including 300,000 shares of common stock valued at $112,800, or $0.367 per share. The value of the 300,000 common shares issued was determined based on the market price of the Company's common shares over the 2-day period before and after the terms of the acquisition were agreed to and announced.
