Vection Technologies Limited (ASX:VR1) entered into a binding agreement to acquire 100% stake in Myr S.R.L from Freexit S.r.l for AUD 0.27 million on August 8, 2023. Based on the terms of the agreement Vection Technologies Limited will issue 6.2 million shares to Freexit S.r.l and consideration payable for the acquisition is based on the performance of Myr, and vests after June 30, 2025. The performance-based consideration for the proposed acquisition being a single performance right that converts into fully paid ordinary shares in the Vection Technologies based on revenue milestones for Myr in financial year 2025, with the minimum revenue milestone being AUD 0.6 million.

Umberto Brocchetto CEO of Myr remaining employed until June, 30, 2025. Myr delivered an unaudited revenue of AUD 0.03 million for the year ended June 2023. The transaction is subject to settlement of the acquisition is conditional upon the satisfaction of conditions precedent, including Management agreement: the execution of specific employment agreement with the Myr CEO, for a period of minimum 3 years; Board Advisory agreement: the execution of an agreement with Adriano Goldschmied regarding the terms and conditions of a cooperation relationship as board advisor; Business plan: the drafting of a joint 3-year business plan; Due diligence on Myr?s financial and legal position at the sole satisfaction of the Vection, Financial statements: approval by Myr?s quota holders of the 2021 and 2022 financial statements; and Definitive agreement: the parties entering into the definitive agreement in respect of the proposed acquisition.

Settlement of the acquisition is expected to occur on or prior to September 30, 2023.