GemVax Technology Co., Ltd completed the acquisition of UM Energy Company from Feelingk Co., Ltd , Juho Um, Daewoong Um and Hyesun Um .
February 02, 2018
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GemVax Technology Co., Ltd. (KOSDAQ:A041590) agreed to acquire UM Energy Company from Feelingk Co., Ltd, Juho Um, Daewoong Um and Hyesun Um for KRW 23 billion on January 3, 2018. GemVax Technology Co., Ltd. will acquire 0.04 million shares of UM Energy Company. Feelingk Co., Ltd, Juho Um, Daewoong Um, and Hyesun Um will transfer 0.02 million shares, 0.02 million shares, 2400 shares and 2400 shares respectively. The consideration will be paid in cash and through issuance of convertible bonds. Juho Um, Daewoong Um, and Hyesun Um will be paid in cash of KRW 15.4 billion on January 3, 2018 and Feelingk Co., Ltd will be paid in convertible bonds of KRW 8.55 billion on February 2, 2018.
For the year ended December 31, 2017, UM Energy Co.,Ltd reported total assets of KRW 1.5 billion, total capital of KRW 816 million, sales of KRW 15.8 billion, and net profit of KRW 1.1 billion. The transaction was resolved by the board of directors of GemVax Technology Co., Ltd. The Board of Directors of Feelingk Co., Ltd resolved the deal on January 3, 2018. The transaction is expected to close on February 2, 2018. On January 3, 2018, GemVax Technology Co., Ltd completed the acquisition of UM Energy Company from Juho Um, Daewoong Um and Hyesun Um for KRW 15.4 billion. Under the terms, Juho Um, Daewoong Um and Hyesun Um received KRW 12.1 billion, KRW 1.7 billion and KRW 1.7 billion respectively as cash consideration.
GemVax Technology Co., Ltd completed the acquisition of UM Energy Company from Feelingk Co., Ltd , Juho Um, Daewoong Um and Hyesun Um on February 2, 2018.
GemVaxLink Co Ltd, formerly Feelingk Co Ltd, is a Korea-based company mainly engaged in the sale of clothing miscellaneous goods. The Company operates its business through two segments. The Overseas Fashion Business segment sells apparel, fashion, miscellaneous goods, and luxury goods. The Wireless Internet Solution Business segment mainly develops wireless Internet solutions such as short message service center (SMSC) and long message service center (LMSC) systems, wireless application protocol (WAP) gateways and multimedia message service center (MMSC) systems, and other wireless Internet solutions such as ring back tone (RBT), unified messaging system (UMS) as well as wireless Internet platforms for interoperability (WIPI) globalization solutions under the brand name of Feelingk. The Company also involves in the management consulting and real estate rental business.
GEMVAXLINK CO., LTD. 
