Sorell, Inc. has announced that it has closed the acquisition of Tojen Holdings Limited based in Staffordshire, England. Effective February 28, 2007, shareholders of Tojen, Ltd acquired 75,000,000 shares common stock of Sorell, representing approximately 83.1% of the issued and outstanding common stock of Sorell, in exchange for their shares of Tojen as part of the acquisition. As a result, Tojen Holdings Limited became a wholly owned subsidiary of Sorell. Subsequent to the acquisition, Sorell intends to change its name to Tojen Holdings, Ltd to reflect the primary brand name and business of Tojen, Ltd. Simultaneously, Sorell entered into an Assignment and Assumption Agreement with Bon Kwan Koo pursuant to which Mr. Koo assumed the obligations of S-Cam Co., Ltd., the Company's previous operating subsidiary.
Pursuant to the acquisition, Tom Adams became the Chief Executive Officer and a Director and Mark Cockshutt became the Chief Operating Officer and a Director of the company.
The Tojen growth strategy has been orchestrated by President and CEO Tom Adams, a motivated communicator with international experience in high technology products and services. Mr. Adams has had significant success in leading multiple sales teams together with a track record of contract negotiation at the most senior level. Tom was formerly recruited by the Caudwell Group as European Sales Director and he built their telecommunications division to 300 employees working on T Mobile distribution. He later structured and developed the UK sales division of 20:20 Logistics which became the largest distributor of mobile handsets in Europe. Mr. Adams has valuable connections and experience negotiating the supply of product and services with major manufacturers and has been responsible for supply and facilities management contracts with Phones 4U, Great Universal Stores and Texaco.
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