Top End Minerals Ltd (ASX:TND) will finalise and sign a binding share purchase agreement next week to acquire the Israeli facial recognition business, Anyvision.
Following the signing of the agreement, a general meeting of its shareholders will be convened together with the relevant explanatory statements and experts reports required by law.
Anyvision has developed a world leading facial recognition engine that works on large numbers of different identities, critically without loss of performance.
The revenue model for Anyvision is based on one-off system purchase and installations and future revenue from ongoing support and any updates.
The vendors elected to accept an all scrip based consideration with the majority of new shares issues to be based on their performance.
The company will be renamed to reflect its new operating business.
Anyvision announced it had won a significant number of new contracts.
Top End will seek to raise a minimum of $3 million to finance working capital for the expansion of Anyvision under a prospectus, which is likely to be sought after based on investor demand for the stock since the acquisition was announced.
Ann: Anyvision market update-TND.AX, page-4
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