BATM Advanced Communications Ld Completion of Sale of NGSoft (7881S)
March 19 2021 - 2:00AM
UK Regulatory
TIDMBVC
RNS Number : 7881S
BATM Advanced Communications Ld
19 March 2021
LEI: 213800FLQUB9J289RU66
19 March 2021
BATM Advanced Communications Limited
("BATM" or "the Group")
Completion of Sale of NGSoft
Further to the Group's announcement of 1 March 2021, BATM (LSE:
BVC; TASE: BVC), a leading provider of real-time technologies for
networking solutions and medical laboratory systems, announces the
completion of the sale of NG Soft Ltd. ("NGSoft") to Aztek
Technologies (1984) Ltd. following the receipt of approval from the
Israel Competition Authority and the transaction becoming
unconditional in all respects. BATM has received a total of NIS
93.7m (c. $29m) pursuant to the sale agreement as detailed in the
previous announcement.
The Group intends to invest the proceeds of the sale to
strengthen its innovation and commercialisation engine, both
organically and through acquisition, to enable the Group to
accelerate its core activities - in particular, in network function
virtualisation ("NFV") and molecular diagnostics. The Board of BATM
believes these areas offer transformational growth opportunities in
the short to medium-term. In addition, the disposal of NGSoft,
combined with the increased contribution to Group revenue from
molecular diagnostics and NFV, will support the anticipated
improvement in gross margin for 2021.
Enquiries:
BATM Advanced Communications
Dr Zvi Marom, Chief Executive Officer +972 9866 2525
Moti Nagar, Chief Financial Officer
Shore Capital
Mark Percy, Anita Ghanekar, James Thomas (Corporate Advisory)
Henry Willcocks (Corporate Broking) +44 20 7408 4050
Luther Pendragon
Harry Chathli, Claire Norbury +44 20 7618 9100
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