Staffing provider AccountAbilities Inc. announced that it has entered into a letter of intent with Lexit Technologies Inc. for Accountabilities shareholders to receive approximately 98 percent of all common shares of Lexit, in exchange for the sale to Lexit of substantially all of the assets of AccountAbilities.

"This transaction should enable us to provide our shareholders with the added liquidity, and proper valuation, that companies listed on the [over-the-counter securities market] enjoy, versus our current status as a pink sheet company,” said AccountAbilities president Allan Hartley, in a statement.

A registration statement will be filed with the Securities and Exchange Commission to register the shares to be issued to AccountAbilities shareholders, and an application will be submitted to the National Association of Securities Dealers for the trading of Lexit's shares on the Over the Counter Bulletin Board.

Additionally, AccountAbilities announced results for its 2007 second quarter, which ended March 31. Second-quarter revenues increased to $12.5 million, compared to $6.5 million in the second quarter of the prior year, and $11.9 million in the first quarter of 2007.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access