Business
Aurora Solar Technologies Provides Update on BT Imaging Acquisition
North Vancouver, British Columbia--(Newsfile Corp. - July 28, 2022) -  Aurora Solar Techn...
About this update from Aurora Solar Technologies, Inc.
[{"type":"text","content":"Aurora Solar Technologies Provides Update on BT Imaging AcquisitionNorth Vancouver, British Columbia--(Newsfile Corp. - July 28, 2022) -  Aurora Solar Technologies Inc. (TSXV: ACU) (\"Aurora\", the \"Company\") is pleased to announce that the acquisition of all of the issued and outstanding share capital of BT Imaging Pty Ltd. (the \"Acquisition\") (please refer to the Company's news releases dated March 3, 2022, May 31, 2022 and July 5, 2022) is at an advanced stage of closing and is scheduled to close on or before August 12, 2022.The terms of the Acquisition have been amended such that the total consideration to be issued by Aurora to BTi shareholders will be 62,969,351 common shares and $1,205,310 in cash. The cash portion will be paid to employees and consultants who are current shareholders of BT Imaging and will remain with the company after the closing of the Acquisition. All other material transaction terms remain unchanged including that all Aurora common shares issued in the Acquisition will be at a deemed price of $0.20 per share.The announced non-brokered private placement financing is progressing and all subscriptions are expected to be received on or before August 8, 2022 in connection with the closing of the Acquisition. \"Business integration efforts are underway to facilitate a smooth transition including post-acquisition sales and market growth plans\", said Gordon Deans, Aurora's President and CEO. \"A central element of these actions is coordination and integration of the BT Imaging products into Insight, addressing the introduction of specific near-term customer requests for Insight and ongoing value-added Insight subscription features. Additionally, the timing of this acquisition is ideal for business positioning into a new industry growth cycle. After a period of pandemic-related and supply-chain constraints, solar cell manufacturing expansion and end-user investments are again robust and growing. Now, by combining BT Imaging's leading products with our Insight yield management platform and our DM products, Aurora will be ideally positioned to take full market leadership and build robust growth in manufacturing process control and yield management solutions.\" The Acquisition is subject to compliance with applicable securities laws and approval of the TSX Venture Exchange and customary closing conditi...