RE: Masks31 Oct 2020 00:24
27 September 2019
Remote Monitored Systems plc
("Remote Monitored Systems", the "Company" or the "Group")
Acquisition of Cloudveil Limited
Remote Monitored Systems Plc ("RMS" or the "Company") is pleased to announce that it has acquired Cloudveil Limited ("Cloudveil") pursuant to its previously stated strategy to build upon RMS's existing data analytics, remote monitoring and surveillance capabilities. Cloudveil is an intelligence services and security risk management business.
The acquisition has been effected via a ************** of new Ordinary Shares in the Company based upon the 60-day weighted average share price up to 24th September 2019, of 0.5845p per share. The consideration amounts to 22,241,231 new Ordinary Shares in the Company ("Consideration Shares") in exchange for the total issued and to be issued share capital of Cloudveil (the "Acquisition"). The Acquisition is expected to be cash neutral to RMS in this financial year, and the Consideration Shares are subject to lock in and orderly market arrangements for 9 months and a subsequent 15 months respectively.
The Company intends to develop this new Intelligence and Security division, working with the established Cloudveil team, in combination with our existing remote monitoring technologies. The Cloudveil team has already established relationships with potential blue chip clients such as ArcelorMittal, governments and governmental agencies, defence forces and agencies in Afghanistan, Iraq and other locations in the Middle East. Cloudveil has its own management information platform, IRIS, that provides mass communication, incident management, reporting, threat risk assessment and performance monitoring from a single source.
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