Megasoft clarifies on news item regarding acquisition in US

With reference to the news item appearing in a leading financial daily titled "Megasoft to buy US firm", Megasoft Ltd has clarified to BSE that the Company has been pursuing various acquisition proposal in the United States being received from the investment bankers. The Company is evaluating all these proposal and has not taken on any decision on any of these proposals.

With regard to the swap ratio for amalgamation of VisualSoft Technologies Ltd, the Company had already intimated on September 30, 2006 regarding the "in-principle" approval of the Board of Directors of the Company. The Company appointed M/s Price Waterhouse to arrive and recommended a swap ratio for the proposed amalgamation. The said report would be tabled by them at the meeting of the Board of Directors of the Company being held on October 31, 2006.

In this regard, the Company states that the above news is speculative in nature and the Company is not involved in the release of the article in any manner.

Source : Equity Bulls

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