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Nu-Oil and Gas to acquire pirate deterrent group Guardian Maritime
StockMarketWire.com
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Cash shell Nu-Oil and Gas said it had agreed to acquire pirate-deterrent product maker Guardian Maritime and Guardian Barriers for a combined £4 million.
Guardian products could be retro-fitted onto the guard rails of maritime vessels and served as a visual deterrent for pirates.
They also had proven to be 'impregnable for pirates to board vessels fitted with this technology by using the tools and tactics they employ', Nu-Oil and Gas said.
The company also announced that it had agreed, in principle, with largest creditor C4 Energy to restructure an outstanding debt obligation of £2.5 million.
Nu-Oil and Gas also had raised £215,000 via a share issue at £0.0002 per share, in order to formally engage advisors and provide sufficient working capital to commence the Guardian deal.
Current shareholder Gary Smith had agreed to join the company as chief executive on completion of the deal.
Story provided by StockMarketWire.com
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