Farsight PLC
04 January 2006
Farsight Grows Revenues
Farsight plc announces that it has acquired existing contracts for the provision
of 24 hour CCTV monitoring. The contracts have between 12 and 36 months before
they fall due for renewal and the revenue they bring to Farsight is £276,000 per
annum.
Farsight has paid £55,000 for the contracts, satisfied by the issue to the
vendor of 5.5 million ordinary shares in Farsight at 1p per share. Additional
consideration may become payable at the beginning of 2008 if the revenue earned
by Farsight from the parties to the contracts increases. Such additional
consideration is not expected to exceed £50,000 and not less than 75% of such
consideration would be satisfied again through the issue of ordinary shares in
Farsight.
Application will be made for the 5.5 million consideration shares to be admitted
to AIM and it is expected that admission will take place on 11 January 2006.
This information is provided by RNS
The company news service from the London Stock Exchange