NEWS | More 4:53 PM, 2 Oct 2009| More Fermiscan sells Sydney Breast Clinic for $1m
Source: News Bites
Fermiscan Holdings Ltd in a business update said changes to the board announced in the last two weeks contribute to the board renewal process.
However directors also advised that the business and economic outlook presents significant challenges for funding the development of the business, and were contemplating the sale of Sydney Breast Clinic Pty Ltd.
The business of Sydney Breast Clinic has now been sold for $1 million in a management buyout.
In the half year financial statements, the carrying value of the goodwill relating to the business of Sydney Breast Clinic was $4.7 million and in addition Fermiscan had advanced $2.7 million to Sydney Breast Clinic Pty Ltd to retire liabilities and cover operating expenses, which will be written off.
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