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OMG PLC (OMG)

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Friday 01 July, 2011

OMG PLC

Yotta USA Update

RNS Number : 5090J
OMG PLC
01 July 2011
 



 

1 July 2011

 

OMG plc

 

Yotta USA Update

 

- OMG completes planned exit from USA property appraisal market -

 

 

OMG plc, (LSE: OMG) ("OMG" or the "Group"), the technology group providing image understanding products for the entertainment, defence, life science and engineering industries confirms that it has completed its planned exit from the USA property appraisal market.

 

As announced in the Group's Interim Results on 19 May, OMG has been actively seeking an exit from the USA property appraisal market given persistent losses.  An overall market decline in that sector has resulted in a tougher and more challenging environment in which to successfully conduct  property appraisal surveys.

 

To facilitate this exit, the Group has signed an asset purchase agreement with Tyler Technologies Inc effective 30th June 2011 for a nominal consideration to take over responsibility for the Group's Miami Dade Contract: the Group's only remaining major long-term contractual commitment in this market. 

 

 

Nick Bolton, OMG Chief Executive Officer said:

 

"This completion of our exit from the US property appraisal market is the right move for our Group.  We believe this exit will allow us to turn our attention to other stronger areas within Yotta and focus on greater opportunities for growth such as the Horizons SaaS offering." 

 

 

For further information please contact:

 

OMG plc

+44 1865 261 800

Nick Bolton, Group CEO


David Deacon, Group CFO


Hayley Roberts, Press Contact




Financial Dynamics

+44 20 7831 3113

Matt Dixon / Emma Appleton / Charles Palmer




Evolution Securities (NOMAD to OMG)

+44 20 7071 4300

Jeremy Ellis / Chris Clarke


 

 

About OMG

OMG plc (Oxford Metrics Group. LSE: OMG) is a group of technology companies producing image understanding products and services for the entertainment, defence, life science and engineering industries.

 

Be it for capturing the movements of actors (for the movie industry), sportsmen (for video games or improving team performance), or children with Cerebral Palsy, rehab patients and animals (for medical, life science and research industries); or recording the condition of highways and the assets that surround them or assessing the value of properties; or even providing image intelligence and situational awareness from drone aircraft. Through this diversified offering the Group has earned its strong international reputation for precision from pixels.

 

Founded in 1984, the Group is headquartered in Oxford, UK, and has four offices in the US and two in the UK. It has customers in over 50 countries and is a quoted company listed on AIM, a market operated by the London Stock Exchange. The Group trades through three operating subsidiaries:  Vicon, the world's largest motion capture and movement analysis company, 2d3, a manufacturer of specialised image understanding software for defence applications, and Yotta, our highways and property surveying business.

 

The Group's global clients spanning the worlds of science, medicine, sport, engineering, gaming, film and broadcast include: major hospitals and research facilities such as Guy's Hospital, Nuffield Orthopaedic Centre and Loughborough University, engineering industry leaders including: Ford Motor Company, BMW, Airbus and Toyota, and in the entertainment sector; Sony, Industrial Light and Magic, The Moving Picture Company (MPC), Sega, Nintendo, UbiSoft, EA and Square Enix. In surveying clients include:Atkins, and Oxfordshire, Cumbria, Derbyshire and Pembrokeshire County Councils as well as many others.

 

For more information about OMG and its subsidiaries, visit www.omgplc.com, www.vicon.com, www.2d3.com, www.yottadcl.co.uk or www.yottamvs.com.

 

 

Ends

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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