Location Sciences Group PLC - London-based location data verification - Sells location data and insights business to IP intelligence company Digital Envoy Inc for an initial USD575,000. Says further USD125,000 could be payable within three months, subject to post-closing warranties and covenants milestones being met. Location Sciences says deal will lower its operating costs and bolster cash reserves. "On 21 June 2021, the company announced that following a business review, the board decided it was important to reduce the company's operating costs and bolster its cash reserves. Accordingly, the disposal allows the company to significantly reduce its ongoing operating costs and also injects up to an additional USD700,000 which the company can use for working capital purposes," it says.
Current stock price: 0.45 pence, down 10% on Friday afternoon
Year-to-date change: up 18%
By Eric Cunha; ericcunha@alliancenews.com
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