Veriluma to acquire Concept Safety Systems Highlights •...

Veriluma to acquire Concept Safety Systems Highlights
• Acquisition of Concept Safety Systems (CSS) will bring complementary emergency, safety and compliance technology to Veriluma’s prescriptive analytics software
• CSS is a well regarded, cash flow positive, profitable business and is highly scalable in a growing sector, driven by the increasing vulnerability of businesses to global disasters
• The combined entity will offer a strong partner for government entities and businesses in disaster preparedness
• The combined entity will produce positive EBITDA in this financial year and is expected to have a combined value of in excess of $15.0m
• Consideration of $12.4m will comprise $3.1m in cash and $9.3m in new Veriluma shares, subject to a number of conditions precedent and shareholder approval
• Management will continue to focus on commercialising Veriluma’s Intelfuze software which will play an integral role in the development of a new CSS product range
• Trading in VRI shares will be suspended at least until such time as ASX has determined the application of Chapter 11 of the ASX Listing Rules to the Transaction.

Not the nice short term boost I was hoping for, but looks like a positive long term change, and brings with it a new board (and secretary - I think I can already notice by the lengthier announcement).