Business
Investment in Geosim
Investment in Geosim.
About this update from Quantum Blockchain Technologies Plc
[{"type":"text","content":"\n Brainspark PLC\n21 June 2006\n\n\n\nFor immediate release 21 June 2006\n\n\n\n BRAINSPARK PLC\n ('Brainspark' or 'the Company')\n\n Investment in Geosim Systems Limited ('Geosim')\n\n\nFurther to the announcements of 22 November 2005, 26 October 2005 and 11 August\n2005, Brainspark is today announcing that Geosim has entered into a consulting\nagreement with CRASH Ventures LLC, a US private equity firm, (the 'Firm') (the\n'Geosim Consulting Agreement'), an Oregon limited liability company, according\nto which Crash LLC will act as a consultant. This agreement differs from the\nprevious agreement in that the exclusivity period has been extended to 31 May\n2008. Crash LLC will assist Geosim in raising a total of $2,000,000 of which\n$585,000 was raised earlier this week. Currently Brainspark holds a 50.1% stake\nin Geosim; on full subscription of the $2,000,000 the holding by Brainspark in\nGeosim will be diluted to 44.26%.\n\nGeosim designs high-tech 3D city modelling technology. Applications could\ninclude urban planning and development, tourism, estate agency, law enforcement,\nadvertising, entertainment and the security and rescue services.\n\nFrancesco Gardin, Brainspark chairman, commented: 'Geosim represents one of the\nmost important assets in our portfolio. We have always believed that geographic\ninformation will be delivered online in 3D, subject to available bandwidth and\nPC processing power, which are now finally available to everybody. It is very\nencouraging that several investors in the US are recognising the uniqueness of\nGeosim technology and international leadership. At a $10,000,000 pre-money\nvaluation, and after conversion of all existing options, Brainspark's % equity\nposition will be valued at around. $4,400,000 (approx. £2,350,000), while our\nGeosim net book value, after four years' amortization, is £ 843,000.'\n\n\nENDS\n\nContact: Francesco Gardin, Brainspark PLC 00 39 0228 0141\n Roland Cornish, Beaumont Cornish Limited 020 7628 3396\n\n\n\nBackground on Brainspark\n\n\nBrainspark is a UK-based early-stage investment company with its main focus on\ninnovative technologies. Brainspark aims to recognise trends and the underlying\ntechnologies and to identify the entrepreneurs capable of achieving success.\n\n\nBrainspark constantly monitors and evaluates investment opportunities in\ntechnolgies w...