1Spatial Holdings Regulatory News (SPA)

27 Oct 2009 12:31

Avisen plc

("Avisen" or the "Company")

Further re: Intention to appoint Administrator to subsidiary

Further to the announcement made by the Company on 12 October 2009 relating to the appointment of administrators to Inca Technology International Limited ("Inca Technology"), the Company was notified on 26 October 2009 that the administrators have completed the sale of certain of the assets of Inca Technology (the "Assets") to an unconnected third party. 

The Assets sold include goodwill, chattel assets, intellectual property rights, customer information, software products and software product sales literature. 

The terms of the agreement entered into by the administrators and the vendor prohibit the Company from disclosing the name of the purchaser and the level of proceeds from the sale. In the event that the administrator is able to make a distribution to creditors, of which the Company is the largest, a further announcement will be made at that time.

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Notes to Editors:

Avisen

Avisen is a business and technology consultancy specialising in performance management with a focus on strategy creation, development and implementation. It provides advisory services and software distribution of solutions in the corporate performance management market. Avisen aims to provide specialist advice to enable organisations to build more effective capabilities to manage the performance of their businesses and allow them to achieve their desired targets.