Cognigen Networks, Inc. (OTC Bulletin Board: CGNW - News), the Seattle area based Internet- enabled marketer of communications services and certificated reseller, exercised its option to purchase the 50% interest in Cognigen Business Systems, Inc. (CBSi) owned by Anza Borrego Partners, Inc. (ABP) of San Diego. As a result of the option exercise, Cognigen now owns 100% of CBSi. The stock for stock transaction was completed by the issuance of 1,246,028 shares of restricted common stock to ABP, which represents 12.46% share of Cognigen Networks, Inc. issued and outstanding stock. In July of 2006, the two companies organized CBSi for the purpose of providing integrated broadband voice, data, video and environmental management services to the Quick Service Retail (QSR) industry. ABP designed and developed an integrated suite of services to support managerial communication and control for QSR franchises in a project known as Retail Technologies Co-Op (RTC). For the past two months CBSi has been installing the service in a pilot program at various Subway Restaurants throughout San Diego County, California. The pilot program is in its final stages, but has been so successful that CBSi has already obtained customer commitments for three year service agreements in the initial roll out areas of California and Oregon prior to pilot completion. Full details of the option and acquisition agreement are provided in the Current Report on Form 8- K being filed by Cognigen with the SEC.
Cognigen Networks Acquires Total Ownership of CBSi:: Financial News - Yahoo! Finance
I kind of like the misspelled version - "newtworks" leads me to think of a group run by salamanders or something! Still, it is good to see the organization is now owned under one roof, assuming that they have some insurance of managerial ability.
Jerry
www.leads4insurance.com
Posted by: Jerry | October 16, 2007 at 12:59 AM