Business
Acquisition - IP CCTV
Acquisition - IP CCTV.
About this update from Cloudcoco Group Plc
[{"type":"text","content":"\n \nRNS Number : 9299J Pinnacle Telecom Group PLC 07 July 2011 \n \n\n \n \nPinnacle Telecom Group plc\n(\"Pinnacle\" or \"the Company\")\n \nAcquisition of Business and Assets of IP CCTV Provider\n \nPinnacle Telecom Group plc, the provider of cloud-based technology solutions, is pleased to announce that it has acquired the business and assets of a leading supplier to the security industry for IP (\"Internet Protocol\") based Closed Circuit Television (\"CCTV\").\n \nBackground to the acquisition\n \nThe threat of terrorist attacks in recent years has led to a demand for high-quality, reliable CCTV surveillance. IP CCTV is providing the CCTV industry with an opportunity of solving today's surveillance, which is not technically possible or economically viable with traditional analog CCTV systems.\n \nUnder the terms of the acquisition agreement, Pinnacle has acquired the customers and assets of the business for a cash consideration, which has been satisfied from internal Company funds. To ensure continuity and a successful integration, the key members of the acquired business will remain and transfer to the Company.\n \nThe acquisition is not a substantial transaction or a fundamental change of business under the AIM Rules for Companies however, the Pinnacle Board believes that acquiring an established quality provider of IP CCTV data to the security industry, will enable the Company to offer these services much more cost effectively, utilising Pinnacle's existing network with less risk, and is quicker than building the operation in-house. Furthermore, Pinnacle expects that owning this resource will significantly enhance its pro...