Vislink PLC Conditional Asset Sale of VCS (0852N)
October 20 2016 - 6:42AM
UK Regulatory
TIDMVLK
RNS Number : 0852N
Vislink PLC
20 October 2016
20 October 2016
Vislink plc (the "Company" or the "Group") announces sale of
Vislink Communication Systems
Vislink plc, a leading global software and technology business
specialising in solutions for the live collection, delivery and
playout automation of high quality video 'from scene to screen' for
the broadcast and surveillance and public safety markets, today
announces it has entered into a conditional agreement to sell the
assets of Vislink Communication Systems, the hardware division of
the Company, for the consideration of $16 million to xG Technology,
Inc ("xG Technology"). The sale is expected to close by year-end
2016.
As the proposed transaction is likely to be a Fundamental Change
of Business under the AIM Rules it will expected to be subject to
approval of Shareholders at a general meeting to be convened by the
Company.
Vislink Communication Systems specialises in the wireless
capture, delivery and management of secure, high-quality, live
video from the field to the point of usage, or "from scene to
screen." Vislink Communication Systems delivers global solutions
comprising hardware and related services to two core markets,
broadcast & media and public safety & surveillance.
Founded in 2002, xG Technology is a leader in providing critical
wireless communications for use in challenging operating
environments and has created a broad portfolio of intellectual
property that enables always-available, always-connected and
always-secure voice, broadband data and video communications. xG
Technology offers solutions for numerous industries worldwide,
including military, emergency response and public safety,
telemedicine, urban and rural wireless broadband, utilities, and
critical infrastructure.
xG Technology's Integrated Microwave Technologies (IMT) business
unit further supports xG's military and public safety customers
with its mission-critical wireless video solutions. IMT is a leader
in advanced digital microwave systems and a provider of
engineering, integration, installation and commissioning services
serving the MAG (Military, Aerospace & Government), broadcast,
and sports & entertainment markets. IMT's product lines include
digital broadcast microwave video systems and compact microwave
video equipment for licensed and license-free applications.
If the transaction completes then the Group will be left
substantially debt-free and to execute its software transition
strategy with Pebble Beach Systems.
- ends -
For further information please contact:
John Hawkins, Executive +44 (0) 14 88
Chairman 68 55 00
Charlie Jack / Bertie Berger +44 (0) 20 77
Hudson Sandler 96 41 33
Shaun Dobson / James White +44 (0) 20 74
N+1 Singer 96 30 00
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon publication of
this announcement this information is now considered to be in the
public domain.
About Vislink plc
Vislink plc is a leading global software and technology business
specialising in solutions for the live collection, delivery and
playout automation of high quality video 'from scene to
screen'.
For the broadcast markets, Vislink provides wireless
communication solutions for the collection of live news, sport and
entertainment as well as software solutions for channel playout
automation, channel-in-a-box and video content management. Vislink
also provides secure video communications for surveillance and
public safety applications such as law enforcement and homeland
security.
Vislink employs over 250 people worldwide with offices in the
UK, USA, UAE and Singapore and manufacturing operations in the UK
and the USA. Vislink has net assets of over GBP21 million and
continues to invest in innovation.
The Company is listed on the AIM market of the London Stock
Exchange. For further information, visit www.vislinkplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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