Business
Completion of acquisition and related matters
Completion of acquisition and related matters.
About this update from Altitude Group Plc
[{"type":"text","content":"\n \nRNS Number : 1373F Altitude Group PLC 19 April 2011 \n \n\n19 April 2011\nAIM: ALT\nAltitude Group plc(\"Altitude\" or the \"Group\")\nTrade Only Limited completes the acquisition of the business and assets of Technologo and related matters\nCompletion of the acquisition\nOn 7 March 2011, Altitude, the promotional merchandise and marketing solutions group, announced that its Information and Technology subsidiary, Trade Only Limited (\"Trade Only\") had entered into an agreement to acquire the business and assets of Technologo (\"the Acquisition\"), a leading supplier of virtual sample technology solutions to the promotional product industry, from Landmark Corporate Marketing Services Ltd. (\"Landmark\"). The Acquisition has now been completed by Trade Only Technology Services Ltd, a Canadian wholly owned subsidiary of Altitude incorporated for this purpose. \nRelated matters\nWhilst Trade Only has developed its own virtual sample solution for use in web sites and product research portals, it has also for seven years had a licence to use Landmark's virtual sample software in its promotional product research portals and web sites in the UK until 31 December 2011. Advertising Specialty Institute. Inc. (\"ASI\"), a US based media and marketing organisation, has an exclusive licence from Landmark to use Landmark's virtual sample software in its promotional product research portals and web sites in the US (\"US Licence\") until 29 January 2012. The US Licence was excluded from the Acquisition (other than in the event that ASI consented to its assignment).\nFollowing discussions between ASI and Altitude earlier this year, in March 2011 ASI made an indicative cash offer for Trade Only, subject inter alia to due diligence, which was rejected by the board of Altitude.\nOn 8 April 2011, ASI filed a request for a temporary restraining order (\"TRO\") alleging, inter alia, that the acquisition of Technologo by Trade Only Technology Services Ltd from Landmark breached the terms of the US Licence and seeking to restrict its ability to market the Technologo software to customers in the US. The judge refused to grant a TRO to ASI but has scheduled a further hearing for 2 May 2011 in the absence of the parties agreeing a settlement. The board of Altitude believes that the claim is without merit and has been advised by its U...