Bit of a fire sale......
" Further to the Company’s request for voluntary suspension on 31 July 2007, we are now
pleased to advise that ST Synergy Limited has finalised the purchase of all of the assets of
Panorama Labs Pty Ltd (in liquidation) from its liquidators for the sum of $1.35m.
The purchase will be funded by the issue of Convertible Notes with the following general
terms:
· Term: Twelve months
· Interest: Ten percent per annum
· Conversion: Fully paid shares at thirty cents each
The Company is currently in negotiations with personnel and suppliers to further develop and
commercialise the magneto photonic and fibre device technology which has been acquired.
It is expected that finalisation of all of Panorama’s intellectual property may take some time.
The Company will continue to work with Panorama’s liquidators in order to conclude the
transfer as soon as possible. "
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