SINGAPORE, SINGAPORE--(Marketwire - Oct. 3, 2012) - Inphosoft Pte. Ltd. ("IPL") announces that it has acquired convertible debentures of GINSMS Inc. ("GINSMS") with aggregate principal amount of CDN$10,500,000 (collectively, the "Convertible Debentures") representing 70.04% of all of the issued and outstanding common shares of GINSMS if fully converted.
IPL acquired the Convertible Debentures pursuant to a share purchase agreement dated January 12, 2012 and entered among GINSMS, IPL, Inphosoft Group Pte. Ltd., Inphosoft Singapore Pte. Ltd., Inphosoft Malaysia Sdn. Bhd., Inphosoft Technology Sdn. Bhd. and PT Inphosoft Indonesia, as partial payment from GINSMS for the acquisition of all of the issued and outstanding ordinary shares of Inphosoft Group Pte. Ltd. IPL may, subject to market conditions and in accordance with applicable securities laws, make additional investments in or dispositions of securities of GINSMS, including additional purchases of GINSMS common shares.