Payment of Part of the Deferred Consideration

RNS Number : 7439Y

Pebble Beach Systems Group PLC

07 March 2017

 

Pebble Beach Systems Group plc (the "Company" or the "Group")

Further Payment of Part of the Deferred Consideration

Further to the announcement of 23 February 2017, and in accordance with the amendment to the revised Business Purchase Agreement, xG Technology Inc ("xG") have settled a further sum of $1.6 million of the remaining deferred consideration of $6.5 million (due on 17 March 2017) by taking on liability for settling $1.6 million of VCS trade creditors. Following this payment, the deferred consideration due from xG is reduced to $4.9 million.

For further information please contact:

John Varney Non-Executive Chairman Pebble Beach Systems Group plc

[phone]

Charlie Jack / Bertie Berger Hudson Sandler	[phone]
Shaun Dobson / James White N+1 Singer	[phone]

The Company is listed on the LSE AIM market (PEB.L).  More information can be found at www.pebbleplc.com.

About Pebble Beach Systems Limited 

Pebble Beach Systems Limited (Pebble) is a leading developer and supplier of automation, channel in a box, integrated and virtualised playout technology for TV broadcasters, service providers, and cable and satellite operators.  Founded in 2000 and headquartered in Weybridge, Surrey, Pebble has developed a portfolio of successful products which have the flexibility to support a wide range of broadcast applications with scalable products designed for highly efficient multichannel transmission as well as complex news and sports television. Installed in more than 70 countries and with proven systems ranging from single up to over 150 channels in operation, Pebble's international client base includes TV Globo Brazil, Fox News and Business channels USA, ZDF Germany, Orbit Showtime Network UAE, TV4 Sweden, TV2 Denmark, MTG UK, DMC in the Netherlands and AMC Networks Inc. USA.

 

END

 

 

MSCBDLFBDXFZBBE