2nd Oct 2013 08:33
LONDON (Alliance News) - Spectra Systems Corporation, a banknote authentication technology company, said Wednesday that it had agreed to acquired all of InkSure Technologies Incorporated's brand protection and tax stamp assets, including its long-standing customer relationships and authentication technology.
It will pay approximately USD1 million for the assets, plus the book value of InkSure's inventory and 50% of the book value of its receivables. It will incorporate these assets into its existing business. This will be paid in cash upon completion of the acquisition, with a deferred consideration worth up to USD185,000 dependent on the achievement of certain commercial milestones.
Inksure had USD1.1 million in revenue for the year ended December 31 2012, and a pretax loss of USD85,000.
Shares in Spectra were trading down 3.3% at 29.00 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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