Acquisition

RNS Number : 0372Z

Digital Barriers plc

09 March 2012

 



9 March 2012

Digital Barriers plc

("Digital Barriers" or the "Company")

Acquisition of ThruVision Systems

Digital Barriers plc (AIM: DGB) ("the Company"), the specialist provider of products and services to the homeland security market, is pleased to announce the acquisition of the assets, intellectual property and customer contracts of ThruVision Systems Ltd ("ThruVision") (the "Acquisition").

Based in Didcot, ThruVision designs and manufactures standoff passive TeraHertz screening products that can detect objects under a person's clothes, such as weapons, explosives or smuggled contraband. ThruVision's products incorporate proprietary passive sensing technology that detect concealed objects safely using natural energy. ThruVision's products have been deployed around the world for a variety of screening applications including border security, law enforcement, defence and loss prevention.

Rationale for the Acquisition

The board of directors of Digital Barriers (the "Board") believes that ThruVision's technology will be of significant interest to security and defence organisations around the world and is complementary to other products within the Group. Digital Barriers' customers are increasingly interested in standoff detection of concealed objects in high security or high threat environments. ThruVision's passive screening technology is amongst the most advanced in the world.

Terms of the Acquisition

Under the terms of the Acquisition, Digital Barriers will acquire the assets, intellectual property and customer contracts of ThruVision for total consideration of £950,000 in cash, payable upon completion of the Acquisition.

Financial information

ThruVision's latest unaudited accounts for the financial year ended 31 March 2011 reported turnover of £2.30 million with an operating loss of £1.12 million.

Colin Evans, Managing Director of Digital Barriers commented:

"We believe that ThruVision's passive standoff detection is the leading technology of its kind anywhere in the world. Our security and defence customers around the world are now looking for such capabilities as they seek to protect the public from concealed weapons and explosive devices and to address the challenge of smuggling through borders and checkpoints".

For further information please contact:

Digital Barriers plc	[phone]
Colin Evans, Managing Director
Investec Investment Banking	[phone]
Andrew Pinder / Dominic Emery
FTI Consulting	[phone]
Edward Bridges / Matt Dixon / Elodie Castagna

About Digital Barriers

Digital Barriers provides advanced surveillance technologies to the international homeland security and defence markets. Specialising in 'edge-intelligent' solutions that can be deployed across remote, hostile or complex operating environments, we work with governments, multinational corporations and system integrators in the defence, law enforcement, critical infrastructure, transportation and natural resources sectors.

www.digitalbarriers.com  

Disclaimer

This announcement includes statements that are, or may be deemed to be, "forward-looking statements".  These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will", or "should" or, in each case, their negative or other variations or comparable terminology.  These forward-looking statements include matters that are not historical facts.  They appear in a number of places throughout this announcement and include statements regarding the Company's current intentions, beliefs or expectations concerning, among other things, the Company's results of operations, financial condition, liquidity, prospects, growth, strategies and the Company's markets.  By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances.  Actual results and developments could differ materially from those expressed or implied by the forward-looking statements.  Forward-looking statements may and often do differ materially from actual results.  Any forward-looking statements in this announcement are based on certain factors and assumptions, including the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's operations, results of operations, growth strategy and liquidity.  Whilst the Company considers these assumptions to be reasonable based upon information currently available, they may prove to be incorrect.  Save as required by law or by the AIM Rules for Companies, the Company undertakes no obligation to publicly release the results of any revisions to any forward-looking statements in this announcement that may occur due to any change in the Company's expectations or to reflect events or circumstances after the date of this announcement.

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