Further to our announcement dated 02/02/2005, we wish to announce that Netvision Limited, the issued share capital of which belongs to Logicom Public Limited signed an agreement with Global Consolidator Ltd and its subsidiaries Global IT (Cyprus) Ltd, Global Consolidator (Consultancy Services) Ltd and GlobalSoft Ltd for the acquisition of a business which is actively involved in the planning, development and support of software programs and the training and provision of consultant services in the IT sector, carried out in Cyprus and abroad by Global.
The agreement provides for the transfer of all the rights of the software programs, the tangible and intangible assets and the goodwill to Netvision Ltd against the sum of £2,2 million. The transfer includes the staff.
The agreement is subject to the positive legal and accounting audit, which will be completed on 31/03/2005, with the option to extend this deadline by mutual consent. This acquisition is expected to contribute significantly to the Company’s turnover and improve its profitability.
Further details will be announced following the completion of the audit.
The agreement provides for the transfer of all the rights of the software programs, the tangible and intangible assets and the goodwill to Netvision Ltd against the sum of £2,2 million. The transfer includes the staff.
The agreement is subject to the positive legal and accounting audit, which will be completed on 31/03/2005, with the option to extend this deadline by mutual consent. This acquisition is expected to contribute significantly to the Company’s turnover and improve its profitability.
Further details will be announced following the completion of the audit.