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EXair In Talks With E-Gal On "Significant Corporate Exercise"

EXair In Talks With E-Gal On "Significant Corporate Exercise"

KUALA LUMPUR - Nasdaq-listed eXair Communications Corp. (EXRM) Tuesday said it is in talks with Malaysian payphone services provider E-Gal Corp. on a "significant corporate exercise."

"But it would be premature to elaborate on the details at this point in time," said a senior eXair official who declined to be named.

The official didn't provide further details.

The Star newspaper Tuesday reported unnamed sources as saying that E-Gal could be listed on Nasdaq through a MYR280 million reverse takeover of eXair, a wireless mobile software maker.

EXair would issue new shares to the unlisted E-Gal Corp., which will end up with a 51% stake of eXair, the Star reported, adding that an announcement is expected around mid-November.

SOURCE: eXair communications corporation.