| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Water Intelligence acquires IP assets from US company FastDitch
StockMarketWire.com
|
Leak detection group Water Intelligence said it had acquired intellectual property assets from US company FastDitch.
The assets would be used to launch a new subsidiary, called Intelliditch, dedicated to providing water infrastructure solutions.
The purchase price was a 25% equity stake for FastDitch in Intelliditch and options for 100,000 shares of Water Intelligence at an exercise price of 822.5p.
The agreement provided FastDitch with incentives to increase its equity stake in the subsidiary to a maximum of 40% based on Intelliditch achieving trailing twelve-months revenue of $3.75 million and minimum of $0.35 million in profits.
'As set forth in a recent market communication, the group is accelerating its growth plan given the anticipated increase in market demand for water infrastructure solutions stimulated by the Biden Administration's American Jobs Plan,' Water Intelligence said.
'The IP will be used to manufacture proprietary lightweight HDPE lining solutions for earthen or concrete water channels enabling cost-effective reduction of water loss.'
'The products are also adaptable for mitigating stormwater run-off problems.'
'Given the multi-year drought in the American West, demand for effective irrigation solutions is acute.'
At 9:08am: (LON:WATR) Water Intelligence PLC share price was 0p at 495p
Story provided by StockMarketWire.com
|
|
|
|
|
|
