(Alliance News) - Clear Leisure PLC said Monday it will develop to 3D maps for London and Milan using the 3D mapping technology of Israeli company GeoSim Systems Ltd.
Using GeoSim's technology under licence, the leisure-focused investor said it intends to launch two digital models, referred to as Digital Twins, for London and Milan, with other UK and European cities to follow.
The company also said it intends to incorporate "two new Italian domiciled companies" in the next few weeks for the London and Milan Digital Twin projects.
Clear Leisure said it intends to fund the acquisition of complete city airborne data and initial street level photographic and laser scanning data for both London and Milan projects by a proposed EUR500,000 fundraising, to be undertaken by each new Italian companies.
The two proposed fundraisings will be hosted on the Italian equity crowdfunding platform, ForCrowd Srl, in which Clear Leisure holds a 20% interest, the company said.
The company said it expects that the total cost of the London Digital twin will be approximately EUR5.0 million, while Milan Digital twin will cost EUR2.0 million.
Israeli company GeoSim, in which Clear Leisure has 4.5% shareholding, specializes in 3D mapping to create digital models, which can be used "in relation to many activities including real estate planning and development, advertising, forensic analysis, security, training and gaming", Clear Leisure said.
In a separate statement, Clear Leisure said it has extended the window allowing ForCrowd to sell Clear Leisure shares up to a value of EUR40,000 in the open market to January 31.
Under the original terms of agreement, ForCrowd was able to sell up to EUR40,000 shares between November 15 and December 15. However, "due to the increasingly close working relationship between the two companies, the directors of Clear Leisure have agreed that this extension will be of benefit to both parties," the company said.
Clear Leisure shares were up 9.1% in London at 0.30 pence each on Monday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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