Ex-PASW Chairman Plans Sale of Shares to Canadian Firm

PASW Inc. in Thousand Oaks said that Glenn P. Russell, the majority stockholder and former chairman, has entered into a letter of intent to sell 2.5 million of his 3 million shares to a private company in Calgary, Canada.

The sale to the Alberta corporation is conditional upon the completion of a proposed reverse takeover of PASW by Simmons Energy Services. Russell has agreed to vote his shares of PASW in favor of the proposed transaction with Simmons.

PASW also announced that it has entered into a letter of intent to participate in the proposed reverse takeover.

Under the terms of the proposed transaction, PASW will issue up to 18.3 million shares of its common stock to acquire Simmons. Immediately before the share exchange, PASW will consolidate its common shares on a one-for-three basis.

Simmons is a privately held corporation that has agreements to acquire international operations in contract land drilling and related services for oil, gas, water, geothermal and geotechnical wells.

PASW, formerly Pacific Softworks Inc., sells software that allows the transmission and storage of data.