"Despite attracting investment of £25 M between 2010 and 2012, Pursuit Dynamics only managed to provide customers with modest returns and after trying to do“ too much ” with the technology and stopped trading in March 2013 making 57 staff redundant, said Olympus Automation md Harry Norman……….Norman said Pursuit Dynamics was not successful with PDX because, as a company, it was not sufficiently customer focused and spent too much time trying to attract investment.“ They were good at selling a product, but not at making returns,” he claimed. “ They made outrageous claims about what [the technology] could do."
Pursuit Dynamics (AIM: PDX) announces that, following an auction process, it has entered into an agreement for the sale of the Food, Beverage and Brewing Business ("FBB") to Olympus Automation Ltd, in line with the Group's announced strategy of realising value from the sale of its intellectual property and reducing liabilities. The consideration will comprise a cash payment of GBP100,000 and further payments totalling approximately GBP60,000 in relation to stock and working capital. The proceeds will be used for ongoing working capital.
In the year ended 30 September 2012, the FBB business generated turnover of approximately GBP430,000 and a loss before tax of GBP1.3 million. The gross assets attributable to FBB are GBP58,000.
The Board continues to explore opportunities in relation to sale of the intellectual property associated with the Company's remaining businesses.
Chairman Dr Bernard Bulkin commented:
"The sale of the FBB business is in line with our strategy of realising value from the sale of its intellectual property and reducing liabilities. We are pleased to have completed a successful sale."
For further information, please contact:
PDX +44 (0)1480 422 050 Dr Bernard Bulkin, Chairman Hagen Gehringer, CEO
Cenkos Securities plc +44 (0)20 7397 8900 Ian Soanes Max Hartley
looking at the website recently and i saw that these guys presented a new product, this to me indicates that they may turn things around or even try to that is could be a positive week along with with the AGM this week aswell! check the website to see there latest show at the excel, london
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