Last checked at 20 Oct 2016 12:42
20 October 2016
Vislink plc (the "Company" or the "Group") announces sale of Vislink Communication Systems
Vislink plc, a leading global software and technology business specialising in solutions for the live collection, delivery and playout automation of high quality video 'from scene to screen' for the broadcast and surveillance and public safety markets, today announces it has entered into a conditional agreement to sell the assets of Vislink Communication Systems, the hardware division of the Company, for the consideration of $16 million to xG Technology, Inc ("xG Technology"). The sale is expected to close by year-end 2016.
As the proposed transaction is likely to be a Fundamental Change of Business under the AIM Rules it will expected to be subject to approval of Shareholders at a general meeting to be convened by the Company.
Vislink Communication Systems specialises in the wireless capture, delivery and management of secure, high-quality, live video from the field to the point of usage, or "from scene to screen." Vislink Communication Systems delivers global solutions comprising hardware and related services to two core markets, broadcast & media and public safety & surveillance.
Founded in 2002, xG Technology is a leader in providing critical wireless communications for use in challenging operating environments and has created a broad portfolio of intellectual property that enables always-available, always-connected and always-secure voice, broadband data and video communications. xG Technology offers solutions for numerous industries worldwide, including military, emergency response and public safety, telemedicine, urban and rural wireless broadband, utilities, and critical infrastructure.
xG Technology's Integrated Microwave Technologies (IMT) business unit further supports xG's military and public safety customers with its mission-critical wireless video solutions. IMT is a leader in advanced digital microwave systems and a provider of engineering, integration, installation and commissioning services serving the MAG (Military, Aerospace & Government), broadcast, and sports & entertainment markets. IMT's product lines include digital broadcast microwave video systems and compact microwave video equipment for licensed and license-free applications.
If the transaction completes then the Group will be left substantially debt-free and to execute its software transition strategy with Pebble Beach Systems.
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For further information please contact:
John Hawkins, Executive Chairman | +44 (0) 14 88 68 55 00 |
Charlie Jack / Bertie Berger Hudson Sandler | +44 (0) 20 77 96 41 33 |
Shaun Dobson / James White N+1 Singer | +44 (0) 20 74 96 30 00 |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon publication of this announcement this information is now considered to be in the public domain.
About Vislink plc
Vislink plc is a leading global software and technology business specialising in solutions for the live collection, delivery and playout automation of high quality video 'from scene to screen'.
For the broadcast markets, Vislink provides wireless communication solutions for the collection of live news, sport and entertainment as well as software solutions for channel playout automation, channel-in-a-box and video content management. Vislink also provides secure video communications for surveillance and public safety applications such as law enforcement and homeland security.
Vislink employs over 250 people worldwide with offices in the UK, USA, UAE and Singapore and manufacturing operations in the UK and the USA. Vislink has net assets of over £21 million and continues to invest in innovation.
The Company is listed on the AIM market of the London Stock Exchange. For further information, visit www.vislinkplc.com.