Acquisition of QM Systems
Limited
The Company announces that it has entered into a conditional agreement to
acquire the entire issued share capital of QM Systems Limited ("QM") for
a
consideration of 3,250,000 new Ordinary Shares in the Company, which are
valued at £747,500, based on the closing middle market price of the Company's shares
on 16 March, 2006. The acquisition agreement is conditional on Admission of the
new Ordinary Shares to trading on AIM.
QM is a test solutions company whose principal customer is Smiths Aerospace,
for whom it is acting on a long term outsourcing agreement to design and supply
test solutions in connection with the Joint Strike Fighter programme.
In the year ended 31 July, 2005 QM achieved a profit before taxation
of £229,374 on turnover of £2.05 million. At that date it had net liabilities
of £35,087.
The Company intends to apply QM's technology to assist in the development of
the operational landmine detection vehicle through to production, a grant
application for which has been submitted to the European Union.
Application will be made for 3,250,000 Ordinary Shares to be admitted to
trading on the AIM Market and dealings are expected to commence on 23 March,
2006.
For further
information, please contact:
Gordon Watt
- Executive Chairman (01420 590 990)