News

Friendlyway completes reverse merger with Biofarm

December 15, 2004

SAN FRANCISCO - Friendlyway, Inc. today announced the closing of a stock exchange transaction with Biofarm, Inc., according to a news release. Under the terms of the Share Exchange Agreement, Biofarm Inc. has issued 18 million shares of restricted Common Stock to the shareholders of friendlyway in exchange for all of the outstanding shares of friendlyway.

The new shares are "restricted securities" under the provision of Rule 144 and are not immediately tradable. By way of this transaction, friendlyway, Inc. has become a wholly owned subsidiary of Biofarm.

As part of the transaction with friendlyway, Biofarm has appointed new and experienced senior management and Board of Directors.

Friendlyway, Inc. is a solutions provider for self-service systems based in San Francisco. Since its inception in 2000, the company has delivered customer-facing systems for point-of-sale/service and point-of-information to more than 250 customers that include Fidelity Investments, Yahoo!, Nike, BMW and Marriott Hotels.

"We are extremely excited about our prospects and accomplishing this reverse merger furthers the company's growth goals. Since friendlyway's inception, we have demonstrated our ability to achieve consistent revenue growth while building a sustainable business," said Alexander von Welczeck, CEO of friendlyway, Inc.

During the past four years, friendlyway has gained extensive experience in serving the self-service solution needs of its customers. The company expects the market opportunity to remain attractive, largely driven by the growing applications for self-service systems, pay-for-use Internet and Wi-Fi hotspots, digital signage software for narrowcasting in public space displays, and for customer service.