NeoMedia Technologies, Inc. has signed a non-binding letter of intent to sell its Micro Paint Repair business unit to Jose Sada, a technology partner of NeoMedia Micro Paint Repair, backed by the Global Emerging Markets Group (GEM) of New York, NY. NeoMedia acquired what is now NeoMedia Micro Paint Repair from CSI International, Inc., of Calgary, Alberta, Canada in February of 2004 for $2.5 million in cash and seven million shares of NeoMedia stock.
The company has distribution and system licenses in place in the Peoples Republic of China, Latin America, Australasia and Scandinavia, and has been marketing Micro Paint Repair licenses world-wide.