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Alanco and YuuZoo Terminate Merger Agreement

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Alanco Technologies (ALAN) today disclosed mutual termination of its June 29, 2011 agreement to merge with mobile internet provider YuuZoo Corporation.

“We share the disappointment expressed by Alanco. We will continue to seek a liquidity event that enables us to take advantage of our strong business momentum and very positive outlook.”

Robert R. Kauffman, Alanco Chairman and CEO, commented, “We are obviously disappointed in this outcome, following intensive efforts by both Alanco and YuuZoo to consummate the merger. Going forward, we will continue to aggressively pursue new investment opportunities to enhance shareholder value utilizing our valuable public listing, and debt-free balance sheet with cash and securities totaling approximately $6 million.”

Thomas Zilliacus, YuuZoo Chairman and CEO, added, “We share the disappointment expressed by Alanco. We will continue to seek a liquidity event that enables us to take advantage of our strong business momentum and very positive outlook.”

Posted-In: M&A News

 

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