SDE Ltd signed a letter of intent to acquire Blackbird International Corporation (PINKSHEETS: BBRD) in a reverse merger transaction.
A definitive agreement was signed on August 15, 2014. Due to the complexity of merging an American company, regulated in the US jurisdiction with an Israeli company, which is subject to its own regulatory procedures, the attorneys representing SDE Ltd are making changes to the agreement by which Blackbird will merge with a company bearing the name Wave Electricity Renewable Power Ocean (WERPO). WERPO shall own all of SDE's technology, IP and know-how, as well as all of SDE's holdings in its subsidiaries, and will be assigned all of SDE's activity and agreements. Further, Blackbird International Corporation will undergo a restructuring process of its outstanding shares by completing a reversal of the stock in a ratio of 20:1. Balter, Guth, Aloni & Co. acted as legal advisor to SDE Ltd.