18 Dec 2008 13:24
Ultrasis plc
Ultrasis announces acquisition of Get Fit Technologies Ltd
Ultrasis plc is pleased to announce the acquisition of the entire issued share capital of Get Fit Technologies Ltd, a provider of health assessment, promotion and management programmes, for a consideration of £203,925 satisfied by the issue of 26,832,303 ordinary shares in the capital of Ultrasis at 0.76 pence per share (being the average mid market price of Ultrasis shares for the period of 10 days prior to this announcement).
The acquisition strengthens Ultrasis' existing portfolio of online products and services designed to assist in the management of emotional wellbeing, including its NICE- approved computerised CBT programme, Beating the Blues, for mild and moderate depression.
Subject to meeting contractual employment obligations, certain sales targets and a smooth integration of the technology and, as an incentive to build the business of Get Fit and Ultrasis, up to an additional 8 million bonus shares in the capital of Ultrasis will be issued to existing "Get Fit" management on 31st July 2009. All these bonus shares and the shares issued as consideration are subject to a lock in agreement until December 2009 and thereafter orderly market restrictions.
Application will be made to the London Stock Exchange for Admission to trading on AIM of 26,832,303 Ultrasis shares and Admission is expected to be effective on 24 December 2008.
Get Fit is based in London and utilises a combination of on-line programmes and remote motivational support to create personalised plans which aid the development of a healthier lifestyle. Get Fit's customers include corporates, health clubs, Employment Assistance Providers and the National Health Service. The direct to consumer market in the UK & US is also being addressed. In 2007, Get Fit Wellness won a Medical Futures Innovation Award in recognition of their online wellness services. In the year ended 31st March 2008, turnover was £135,511 and loss before tax was £188,527.
The Get Fit product range includes health risk assessments, nutrition, personalised diet and exercise programmes and on line coaching, accessible via the following web sites:
www.getfitwellness.com
www.getfitnutrition.co.uk
www.getfit.com
Commenting on the acquisition Nigel Brabbins, Ultrasis' Chief Executive, said:
"The relationship between physical and mental wellbeing is proven and increasingly acknowledged by the medical profession and the public. The addition of the "Get Fit" range of physical wellness products to our cutting edge emotional wellbeing programmes will provide Ultrasis with an opportunity to offer a more holistic approach to health and wellbeing. It should also facilitate greater penetration of our existing markets and open up fresh opportunities, keeping Ultrasis at the forefront of computer delivered health care, providing innovative ways for the NHS and other health care providers to deliver their health care solutions. "
"As part of the acquisition we are pleased to be gaining a highly experienced software development team based in China, which has worked with Get Fit Technologies for five years, developing its products. This addition to our in house team's skills will add to cost effectiveness as Ultrasis develops its existing product suite."
Ends
For further information please contact:
Nigel Brabbins CEO E-Mail: ultrasis@ultrasis.com Telephone: +44 (0) 20 7566 3900 Fax: +44 (0) 20 7253 5313
Geoff Nash FinnCap Nominated Adviser and Joint Broker Telephone: +44 (0) 20 7600 1658
John Webb Marshall Securities Joint Broker +44 (0) 207 490 3788
Karen White/Sarah Rice
JBP Public Relations
E-Mail: karen@jbp.co.uk, sarah@jbp.co.uk