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LONDON (Alliance News) - 1Spatial PLC on Tuesday said Chairman Steve Berry has stepped down from his position at the company, effective immediately, and it has entered into a deal to buy a 47% holding in Laser Scan Inc for USD2.25 million in cash, a deal it thinks will secure its Americas distribution channel.
Berry will be replaced by Deputy Non-Executive Chairman David Richards on an interim basis. The company said it will appoint a permanent replacement for Berry "in due course".
Laser Scan is a US based spatial data services firm, and is the sole distributor of 1Spatial's geospatial products and services in the US. It produced a net profit of USD900,000 on revenues of USD3.4 million in 2013.
1Spatial said that the deal provides it with long term security over its Americas distribution channel. Under the deal 1Spatial has a call option to acquire the remaining share in the company in two tranches for a total deferred consideration of USD2.6 million, payable in cash or through the issue of new shares. If it does not exercise this option the vendor of Laser Scan has the right to buy-back the 47% holding for USD1.13 million.
1Spatial shares were untraded at the open, having last traded at 5.18 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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