Last checked at 1 May 2013 14:32
1 May 2013
Pursuit Dynamics PLC
("PDX" or the "Company')
Sale of the Food, Beverage and Brewing Business
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 £100,000 and further payments totalling approximately £60,000 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 £430,000 and a loss before tax of £1.3 million. The gross assets attributable to FBB are £58,000.
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 | |