Earth Dragon Resources Inc., a San Diego based precious metals recovery business, completed the acquisition of X-Fire Inc, a privately held company in the telecommunications industry, Earth Dragon said.
The company said the acquisition was made by exchanging 12 million shares of its common stock. As of Sept. 24, the stock was trading at 12 cents, meaning the price for the business was about $1.4 million.
Earth Dragon said X-Fire is licensed to establish and operate communication infrastructure services, network services, and Internet access. The company’s year-to-date revenue was about $1.1 million, and its cash flow is positive, Earth Dragon said.
X-Fire is now a wholly-owned subsidiary of Earth Dragon.
In other news, Earth Dragon hired a controller who will work on consolidating X-Fire’s offices in Michigan and Florida, and its international locations in Antigua and Jamaica. She will also assist management to consolidate revenue, expense and cash flow, as the company anticipates increased revenue in 2014, it said.
— Mike Allen