The terms of the letter of intent include the following:
FMS will act as a whole-seller of CN's content, which is geared to the professional trader.
CN will establish a direct data feed into FMS' ASP.
CN will deliver 24-hour real-time analysis of the FX market, produced by an award winning team.
CN will offer 24-hour journalistic coverage of major issues and events in the currency market.
CN will provide additional services, such as Daily Wrap-up, Weekly Preview and Market Calendar.
CurrencyNetwork is the first Internet portal site for the global foreign exchange market. It offers users a full range of foreign exchange news, analysis, research tools, live prices, discussion forums and links. The site has been designed as a focal point for anyone with an interest in the currency market, either through the site's own proprietary news and analysis services or through contributed research and links to other providers.
"CurrencyNetwork is pleased to be entering into this exciting new content partnership with FMS," said Mikkel Bulow-Lehnsby, Chief Operating Officer of CurrencyNetwork. "Our global, 24-hour analysis product is ASP-based and provides investors with a unique insight into the foreign exchange markets. It is excellent value for money and will be a great addition for customers of FMS. We are convinced that the deal will be mutually beneficial for both companies."
"FMS is looking forward to developing a long-term relationship with CurrencyNetwork, the premier source for FX news, commentary and analysis on the Internet. By expanding our ASP Services with a quality provider like CurrencyNetwork, we are able to provide a more complete FX service to our clients. We are now one step closer to becoming a one-stop shop for clients using our Universal Trading Platform", said Eyup Saltik, Chief Executive Officer of FMS.
Kinvara Ventures Inc. ("Kinvara") has an agreement that allows it to acquire all of the issued and outstanding shares in FMS from its existing shareholders. The completion of this transaction will result in a reverse-take-over of Kinvara, requiring both exchange and shareholder approvals.