Business
Proposed Acquisition of the GO Science Business
Proposed Acquisition of the GO Science Business.
About this update from Thalassa Holdings Ltd
[{"type":"text","content":"\n \nRNS Number : 5859O Thalassa Holdings Limited 23 September 2013 \n \n\nThalassa Holdings Ltd\n(Reuters: THAL.L, Bloomberg: THAL:LN)\n(\"Thalassa\" or the \"Company\")\nProposed Acquisition of the GO Science business\nThe Directors are pleased to announce that Thalassa has entered into heads of terms and paid a non-refundable deposit of £360,000 in respect of the proposed acquisition of the business, intellectual property and other assets of GO Science Limited (\"GO Science\"). GO Science Limited was placed into administration on 31 July 2013.\nGO Science, which has six employees, provides mobile sensor grid services and products, in the UK and overseas, to multi-national clients in the oil and gas, defence and homeland security sectors. It offers innovative mobile sensor grid solutions in seismic exploration, life of field extension, undersea asset integrity inspection and survey, acoustic arrays, electro-magnetic arrays, surveillance, communications and ocean sensing. \nThese solutions are provided using unmanned submersible vehicles, developed by GO Science, which are designed to manoeuvre, swarm and communicate with each other, at depths of in excess of 2,000 metres, in order to form a mobile sensor grid. \nGO Science has 21 granted patents and 31 pending patents, in a total of 33 countries, each of which will be transferred to Thalassa under the proposed sale and purchase agreement.\nThalassa has agreed to acquire GO Science for a consideration payable to the administrators, on behalf of GO Science Limited, of £3.6 million, which comprises the initial deposit of £360,000 and a further cash sum on completion of £3,240,000. In addition, Thalassa may issue up to £4.4 million of new Thalassa shares to the shareholders of GO Science Limited, provided, inter alia and at the discretion of Thalassa, Go Science's principal customer contracts are re-activated. \nIn the year ended 31 December 2012, GO Science Limited reported a loss before interest, taxation, depreciation and amortisation of £0.3 million on turnover of £2.5 million. Its gross assets at that date were £2.3 million.\nA further announcement will be made when Thalassa has entered into the sale and purchase agreement.\nDuncan Soukup, Chairman of Thalassa, stated:\n\"This is a highly exciting acquisition for Thalassa. \nWe had been monitoring the situation at GO Sc...