VSource offers to exchange preferred stock for shares of Asia Holding

By Sheri Kasprzak

Atlanta, Oct. 18 - VSource Inc. said Monday it is offering to exchange all of its outstanding series 1-A, series 2-A and series 4-A convertible preferred stock for shares of its new subsidiary, Asia Holding Co.

The offer is being made to those who held the preferreds on Aug. 10 and is good through Nov. 16.

Each holder of series 1-A preferreds may exchange all of the shares at an exchange ratio of 6.639 Asia Holding Co. common shares for each series 1-A share.

Holders of the series 2-A preferreds may exchange all of the shares at an exchange ratio of 17.818 Asia Holding common shares for each series 2-A share.

Those who hold the series 4-A preferreds may exchange all of the shares at a ratio of 5,059.217 shares of Asia Holding common stock for each share of series 4-A. Holders of the series 4-A stock must also deliver a series 4-A termination agreement.

Asia Holding was established on May 5, 2004, and VSource plans to transfer all of its ownership interest in VSource Asia to Ironbeak Ltd. Ironbeak was incorporated as a subsidiary of Asia Holding.

VSource is based in La Jolla, Calif., and is an outsourcing company for businesses in Asia and the Pacific. The company's stock closed unchanged at $0.20 Monday.

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