Tilon Co.,Ltd. signed a contract to acquire HIcomms INC. from Shim Sang-Won and other shareholders for KRW 300 million in cash on October 30, 2015. Under the terms of the transaction, Tilon Co.,Ltd. will acquire 0.2 million shares of HIcomms INC. Shim Sang-Won will sell 0.16 million shares amounting to 80% stake. Tilon Co.,Ltd. will make the deposit and second payment of KRW 100 million upon signing of the contract, balance of KRW 100 million will be paid on February 28, 2016 and the remaining balance of KRW 100 million to be paid by September 30, 2016. On September 30, 2016, an amendment is made as per which, the remaining balance of KRW 100 million is payable by October 31, 2016. On October 31, 2016, an amendment is made as per which, the remaining balance of KRW 100 million is payable by November 11, 2016. After the transaction, Tilon Co.,Ltd will hold 100% stake in HIcomms INC. HIcomms INC. reported total assets of KRW 110 million, total liabilities of KRW 249 million, net liabilities of KRW 139 million, revenues of KRW 319 million and net loss of KRW 167 million in 2014. The Board of Directors of Tilon Co.,Ltd passed a resolution for the transaction on October 30, 2015. The transaction is expected to complete on February 28, 2016. Tilon Co.,Ltd. cancelled the acquisition of HIcomms INC. from Shim Sang-Won and other shareholders in cash on October 30, 2016.