Burswood based Wavenet International Ltd has sold its 100 per cent owned subsidiary, Wavenet Technology Pty Ltd for an upfront payment of $585,372, with a further payment of up to $563,174 to be paid in the next 30 days.
Burswood based Wavenet International Ltd has sold its 100 per cent owned subsidiary, Wavenet Technology Pty Ltd for an upfront payment of $585,372, with a further payment of up to $563,174 to be paid in the next 30 days.
Sold to Swedish company Mobitex Technology AB, a further three annual payments of $250,000 will also be payable to the company, subject to grant applications and modem sales over the ensuing three to four years.
Full announcement below:
The Board of Wavenet International Limited (ASX: WAL) is pleased to advise that the proposed sale of the Company's 100% owned subsidiary, Wavenet Technology Pty Ltd, to Mobitex Technology AB of Sweden was finalised effective 16 May 2008, with settlement of an agreed upfront payment of $585,372. A further payment of up to $563,174 will be paid to the Company within the next 30 days. A further three annual payments of $250,000 commencing 30 June 2008 are also payable to the Company. Subject to successful grant applications and achieving benchmark modem sales over the ensuing 3 to 4 years, the Company can earn a further total payment of $1,250,000. The sale of the Wavenet Technology business was approved by shareholders at a general meeting held on 8 May 2008.
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