Business
Acquisition of Zimiti Limited
Acquisition of Zimiti Limited.
About this update from Thruvision Group Plc
[{"type":"text","content":"\n \nRNS Number : 6996I Digital Barriers plc 20 June 2011 \n \n\n20 June 2011\nDigital Barriers plc\n \n(\"Digital Barriers\" or the \"Company\")\n \nAcquisition of Zimiti Limited\n \n \nDigital Barriers plc (AIM: DGB), the specialist provider of products and services to the homeland security market, is pleased to announce the acquisition of Zimiti Limited (\"Zimiti\") (the \"Acquisition\"), on a cash free, debt free basis.\n \nFounded in 2000, Zimiti, based in Cambridge, UK, focuses on the development of Unattended Ground Sensor (\"UGS\") technology. UGS solutions are used in a range of surveillance and protective applications across both the defence and security sectors, and are particularly effective in remote or hostile locations.\n \nRationale for the Acquisition\n \nThe board of Digital Barriers (the \"Board\") believes that the international market opportunity for Zimiti's UGS technology is potentially significant. The Board also believes that the UGS technology under development at Zimiti has applications in markets that are key strategic priorities for Digital Barriers, primarily: Defence, Border Control, Critical Infrastructure Security, and in specific vertical industries such as Oil and Gas. The Acquisition will further broaden Digital Barriers' offering in these markets and verticals and is complementary to the core video surveillance capabilities the Company has already acquired.\n \nTerms of the Acquisition\n \nUnder the terms of the Acquisition, Digital Barriers will acquire the entire issued share capital of Zimiti on a cash-free, debt-free basis.\n \nInitial consideration of £1.5 million in cash, to be satisfied from the Company's existing cash reserves, is payable to the vendors of Zimiti on completion of the Acquisition. \n \nDependent upon the successful satisfaction by Zimiti of certain financial and operational targets in the period from completion of the Acquisition to 30 September 2013, further deferred consideration may be paid up to a maximum total consideration of £10.0 million. This deferred consideration would be satisfied by the payment of a maximum of £4,250,000 in cash, with the balance satisfied through the issue of new Ordinary Shares. \n \nFinancial information\n \nZimiti's latest accounts for the fi...