Business
Yotta USA Update
Yotta USA Update.
About this update from Oxford Metrics Plc
[{"type":"text","content":"\n \nRNS Number : 5090J OMG PLC 01 July 2011 \n \n\n \n1 July 2011\n \nOMG plc\n \nYotta USA Update\n \n- OMG completes planned exit from USA property appraisal market - \n \n \nOMG plc, (LSE: OMG) (\"OMG\" or the \"Group\"), the technology group providing image understanding products for the entertainment, defence, life science and engineering industries confirms that it has completed its planned exit from the USA property appraisal market.\n \nAs announced in the Group's Interim Results on 19 May, OMG has been actively seeking an exit from the USA property appraisal market given persistent losses. An overall market decline in that sector has resulted in a tougher and more challenging environment in which to successfully conduct property appraisal surveys. \n \nTo facilitate this exit, the Group has signed an asset purchase agreement with Tyler Technologies Inc effective 30th June 2011 for a nominal consideration to take over responsibility for the Group's Miami Dade Contract: the Group's only remaining major long-term contractual commitment in this market. \n \n \nNick Bolton, OMG Chief Executive Officer said:\n \n\"This completion of our exit from the US property appraisal market is the right move for our Group. We believe this exit will allow us to turn our attention to other stronger areas within Yotta and focus on greater opportunities for growth such as the Horizons SaaS offering.\" \n \n \nFor further information please contact:\n \n\n\n\n\nOMG plc\n\n\n+44 1865 261 800\n\n\n\n\nNick Bolton, Group CEO\n\n\n\n\n\n\n\nDavid Deacon, Group CFO\n\n\n\n\n\n\n\nHayley Roberts, Press Contact\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFinancial Dynamics\n\n\n+44 20 7831 3113\n\n\n\n\nMatt Dixon / Emma Appleton / Charles Palmer\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEvolution Securities (NOMAD to OMG)\n\n\n+44 20 7071 4300\n\n\n\n\nJeremy Ellis / Chris Clarke\n\n\n\n\n\n\n\n \n \nAbout OMG\nOMG plc (Oxford Metrics Group. LSE: OMG) is a group of technology companies producing image understanding products and services for the entertainment, defence, life science and engineering industries.\n \nBe it for capturing the movements of actors (for the movie industry), sportsmen (for video games or improving team performance)...