Spectur Limited entered into a binding conditional business asset purchase agreement to acquire Solar-Powered Security Surveillence Business from Forrestbridge Pty Ltd for AUD 0.1 million.
November 05, 2017
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Spectur Limited (ASX:SP3) entered into a binding conditional business asset purchase agreement to acquire Solar-Powered Security Surveillence Business from Forrestbridge Pty Ltd for AUD 0.1 million on November 6, 2017. The purchase price for the business assets is AUD 0.1 million plus GST, to be paid evenly over a 36-month period. Upon completion of the sale agreement, Spectur will acquire assets of Forrestbridge’s SolarCam business, including the SolarCam web site domain name (www.solarcam.com.au), its client list and associated database, its intellectual property rights related to the SolarCam business, goodwill and certain ongoing client contracts.
As part of the acquisition, Forrestbridge owner Mark Williamson will join Spectur as a Consultant and the State Manager for Queensland. In conjunction with the Sale Agreement, Mark Williamson (through Forrestbridge) is to be retained by Spectur under a 2 year consultancy agreement whereby Mark Williamson will be appointed as Spectur Queensland State Manager. Forrestbridge will be granted 0.5 million performance rights by Spectur under the Spectur Employee Incentive Plan. Each performance right will entitle Forrestbridge to receive one fully paid ordinary share in Spectur, subject to performance milestones being satisfied over a 3 year period, designed to create a net benefit for Spectur if achieved. Completion of the purchase is conditional upon (among other things) Spectur completing and being satisfied with due diligence enquiries in relation to Forrestbridge and the SolarCam business. The latest date for completion to occur is 90 days following the date of the sale agreement, executed today.
Spectur Limited is a developer of security, surveillance and warning solutions powered by solar, Internet of Things (IoT), camera and cloud-based technology. It is engaged in developing, manufacturing, and selling remote solar third generation/fourth generation (3G/4G)-based deterrence, surveillance and warning systems, and associated products and services. It offers sales, rental and subscription services built around its camera and sensor-based platform. Its products are solar powered warning, deterrence and surveillance systems and associated cloud-based platforms. These systems incorporate cameras, lighting, audible warnings, and a hardware IoT platform, remotely accessed and connected via 3G/4G technology to a cloud-based platform. The offering is complemented by a longer distance, 24-hour thermal camera deterrence solution, suitable for customers with long perimeters. It provides solutions for industries, including government and utilities, buildings, the civil sector and others.
Spectur Limited entered into a binding conditional business asset purchase agreement to acquire Solar-Powered Security Surveillence Business from Forrestbridge Pty Ltd for AUD 0.1 million.