Item 2 01. Completion of Acquisition or Disposition of Assets
On July 8, 2009 entered into a Letter of Intent containing a binding agreement
for a share exchange whereby First Corporation would acquire 1.6 million shares
of Acquma Holdings Limited from Louis Consulting in exchange for 4.8 million
shares of First Corporation's restricted common stock. Upon closing, this
transaction will result in First Corporation owning 10% of the issued and
outstanding shares of Acquma Holdings.
Closing will take place September 15, 2009 or sooner pending tax opinions and
financials.
Acquma Holdings Limited is an investment company which currently owns 18%
of Tramigo Oy Ltd., a private Finnish company. Tramigo Oy is engaged in the
development and marketing of GPS based navigation systems marketed in over 100
countries worldwide. According to reports,Tramigo Oy had revenues of $2,206,400
for the 18 months ended June 30, 2008 with higher revenues for the period ended
June 30, 2009.
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