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NEWS: March 2, 2009
Insight Management Corporation (OTCBB: ISIM) and Rebel Testing, Inc. (“RTI”) have terminated the stock purchase acquisition agreement (“acquisition agreement”) that was signed on March 6, 2009. The continuing slow recovery of the economy from the recession and the overall uncertainty in the business environment has greatly impacted Insight Management’s ability to raise capital for the acquisition. RTI had granted two extensions for the initial payment, December 31, 2009, and February 28, 2010. Insight Management was not able to secure funding in time to meet the February deadline and could not give RTI a definitive timeframe as to when funding could be secured. As such, RTI has declined to grant a third extension of the payment date.
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