Claridge Ventures, Inc. announced that they have entered a stock exchange agreement with the Indo Global Exchange PTE LTD., a Singapore based company. Under the terms of the agreement, Claridge Ventures, Inc will issue shares of its common stock in exchange for 100% of the outstanding and issued capital stock of Indo Global. As part of the exchange agreement Indo Global will become Claridge Ventures' wholly owned subsidiary. Upon completion of the terms of the agreement Claridge Ventures will own the business and operations of Indo Global.
Claridge Ventures President and CEO, John O'Shea stated, "IGE's world-class partners offer their clients security and 100% transparency, which is critical for entry into this vast and virtually untapped marketplace. The partners are all regulated by the Australian Securities Investment Commission and hold Australian financial service licenses. Upon the successful close of the exchange agreement, the Company will be in a position to maximize its first mover advantage in this exciting environment through its ability to trade all world markets in currency, gold, futures, equity's and options through a trading platform available in 16 languages. Indonesia's population is almost that of the United States at 250 million people, with a proportionately large segment of wealthy individuals. To date, this market is significantly underserviced as Indonesian banks do not offer online trading, and local brokers only offer Indonesian stocks. As a result, the future looks very promising for IGE, its stakeholders and potential shareholders alike."
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