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Cataca Resources Inc (OTCMKTS:CATQ): A Reverse Merger With Flitways Technology

Cataca Resources Inc (OTCMKTS:CATQ): A Reverse Merger With Flitways Technology
Written by
Aaron Smith
Published on
September 14, 2016
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Cataca Resources Inc (OTCMKTS:CATQ) was established as a shell company. Tobi Aro, the majority shareholder of the Flitways Technology Inc, a Los Angeles-based ground travel booking and scheduling company, caused it to acquire CATQ with the intention of merging it with the private company. The publicly traded corporation is called a "shell" since all that exists of the original company is its organizational structure. Flitways’ shareholders will receive a substantial majority of the shares of the public company and control of its board of directors and the transaction should be completed within weeks.Cataca announced on Thursday, September 8, 2016, that it entered into a definitive Share Exchange Agreement to acquire all the issued and outstanding capital stock of FlitWays. The transaction involves the Flitways and CATQ exchanging information on each other, negotiating the merger terms, and signing a share exchange agreement. At the closing, CATQ will issue a substantial majority of its shares and board control to the shareholders of Flitways. The private company's shareholders pay for the shell company by contributing their shares in Flitways to CATQs that they now control. This share exchange and change of control completes the reverse takeover, transforming the formerly privately held company into a publicly held company.As a result, Flitways does not go through an expensive and time-consuming review with state and federal regulators because this process was completed beforehand with CATQ. However, a comprehensive disclosure document containing audited financial statements and significant legal disclosures will be provided to the Securities and Exchange Commission for reporting issuers. The disclosure is filed on Form 8-K and is filed immediately upon completion of the transaction.FlitWays is a ground travel booking and scheduling company revolutionizing the way travelers access rides through a reliable internally developed network of providers and state-of-the-art proprietary technology. FlitWays incorporates ride booking into the travel industry by making travel ride booking available at every travel point of sale to allow travelers seamlessly book competitive rides that fit their lifestyle and blend into the future trends of booking rides online and on mobile application. FlitWays has internally developed a network of ground travel providers using state-of-the-art technology to integrate ride booking into the travel industry.FlitWays’ online booking engine and application allows travelers to pre-book a ride and choose a preferred ride from a selection of vehicles such as Taxi, Executive Cars, Airports Shuttles and Transfers. This gives businesses and private travelers the ability to plan ahead and accordingly when making arrangements for a trip. Businesses can create a ground travel account to stay organized for their business travels by pre-booking a vehicle that meets every unique travel. FlitWays business ground travel account lets businesses manage all of their travel expenses in one place to enhance their travel program with a unique solution that suits business travel needs.FlitWays will become a wholly-owned subsidiary of the CATQ. It will also take the necessary corporate and regulatory actions to change its name to FlitWays Technology, Inc. (or similar) and secure a new trading symbol to better reflect its new corporate name and business focus. The closing of the transaction contemplated by the Share Exchange Agreement is subject to certain customary terms and conditions, including, but not limited to, the satisfactory completion of an ongoing audit of FlitWays Technology and corporate name change.Additional information regarding the proposed transaction can be found in the Company's most recent filings with the SEC and further Company press releases. We will be updating our subscribers as soon as we know more. For the latest updates on CATQ or its new symbol, sign up below!Disclosure: We have no position in CATQ or Flitways and have not been compensated for this article.

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