Vringo Inc. (VRNG) Inks Letter of Intent to Acquire m-Wise Assets
Vringo Inc., a provider of video ringtones and personalization solutions for mobile devices, yesterday announced it has signed non-binding Letter of Intent (LOI) to acquire substantially all of the assets of m-Wise Inc. (MWIS.OB). Per the LOI, Vringo will issue m-Wise 1.9 million shares of its common stock; provide m-Wise's management with a retention package comprised of options to purchase 500,000 shares of common stock; and assume and pay over a two-year period certain of m-Wise's expenses and related costs in the amount of $615,000. In addition, Vringo will issue a five-year promissory note for $320,000 convertible into 200,000 shares…