Cornerstone Networks CO., LTD (KOSDAQ:A033110) signed a contract to acquire New West Atosan Co., Ltd. from Heun Hong, San Ko and Moonyup Kim for KRW 8 billion on November 8, 2019. Under the terms, Cornerstone Networks CO., LTD will acquire 0.06 million shares of New West Atosan Co., Ltd and Heun Hong, San Ko and Moonyup Kim will sell the stake in New West Atosan Co., Ltd. at transfer price of KRW 3.2 billion, 2.4 billion and 2.4 billion respectively. The payment of KRW 4 billion will be paid on November 8, 2019 and the balance will be paid on November 29, 2019. The amount of the down payment and the balance shall be paid in cash of KRW 2 billion and the convertible body of KRW 2 billion issued by Cornerstone Networks. For the year ended June 2019, New West Atosan Co., Ltd. reported total assets of KRW 3.9 billion, net assets of KRW 1.7 billion, net income of KRW 1.7 billion and sales of KRW 7.4 billion. The transaction is expected to close on November 29, 2019.