[Techtaffy Newsdesk]

Pet services company Paws Pet, owner of the Pet Airways, has purchased the technology assets of Impact Social Networking. The acquisition will form a new business unit, Paws Pet Technologies.

Under the terms of the acquisition, the company will issue approximately 7.4 million shares of common stock, and may issue additional stock based on sales of products and services of Paws Pet Technologies achieving certain revenue goals over the next 48 months.