BioStem, Inc (BTEM.OB) announced that the company has entered into a definitive agreement to acquire Joyon Entertainment. Joyon Entertainment is a leader in the online games and electronics manufacturing businesses.
On October 12, 2007, the Company entered into a Stock Exchange Agreement with Joytoto Co., Ltd., a Korean company, and Joyon Entertainment Co., Ltd., another Korean company. Under the terms of this agreement, BioStem will purchase 100% of the issued and outstanding capital stock of Joyon Entertainment, Inc., a Delaware corporation (“JEI”), in exchange for 115,000,000 shares of the Company’s common stock. These shares will be issued after a one for forty reverse split of the Company’s common stock occurs.
As a result of this transaction, the Company will change their name to Joytoto USA, Inc and complete a one for forty reverse split of the Company’s common stock on October 31, 2007. After this reverse split takes place, the Company’s common stock will commence trading under the new symbol “JYTO.”
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