This announcement contains
information which, prior to its disclosure, was inside information
as stipulated under Regulation 11 of the Market Abuse (Amendment)
(EU Exit) Regulations 2019/310 (as amended). Upon the publication
of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public
domain.
22 February 2024
VISUM
TECHNOLOGIES PLC
("Visum"
or the "Company")
Heads of Terms Signed for the
acquisition of Socrates Imaging
Visum Technologies Plc (AQSE: VIS),
a video capture technology company with a global focus on the
leisure sector, is pleased to announce that it has entered into
exclusive non-binding Heads of Terms ("HoT") to acquire the entire
share capital of Socrates Imaging B.V., a company based in the
Netherlands, and Socrates Imaging Ltd, a company based in the
United Kingdom (together "Socrates Imaging"), for a combination of
cash payment and new ordinary shares in Visum totaling €2 million
(the "Proposed Acquisition"). Exclusivity has been granted to Visum
in relation to the Proposed Transaction until 31 March
2024.
Established in 1990, Socrates
Imaging has cultivated a distinguished legacy of excellence over
three decades, emerging as a trailblazer in photo and video capture
souvenirs within the travel and leisure market. Renowned for its
unwavering commitment to innovation, Socrates Imaging stands at the
forefront in diverse domains, including ride photo, green screen,
studio, and roaming photography.
Their expertise extends beyond
conventional boundaries, encompassing on-ride video production.
Notably, Socrates Imaging is set to collaborate seamlessly with
Visum's proprietary video solution, creating a powerful synergy
that promises to elevate the standards of video capture and
production in the industry. This strategic partnership exemplifies
a shared dedication to pushing the boundaries of creativity and
technology, ensuring a future where every moment is captured with
unparalleled precision.
The Proposed Acquisition is subject
to (i) Visum satisfying the cash payment agreed with the vendor;
(ii) customary legal, financial, and other due diligence for a
transaction of this type; (iii) entry into a legally binding share
purchase agreement ("SPA"); and (iv) shareholder approval. While
the parties are in advanced discussions regarding the terms of the
SPA, there can be no certainty that a binding agreement will
ultimately be reached or that the pre-conditions referred to above
will be satisfied or waived and, hence, the Company cannot
guarantee that the Proposed Acquisition will be
completed.
Marc Dixon, CEO of Visum, commented:
"We are thrilled to announce the
heads of agreement for the acquisition of Socrates Imaging. The
union of our organizations, leveraging Socrates Imaging's extensive
experience, over 150 client contracts and cutting-edge technology,
promises to be mutually beneficial. This exciting partnership will
enable Visum to deliver innovative capture technology, further
enhancing our commitment to providing exceptional solutions to our
valued customers."
Pim
Sonepouse, Founder of Socrates Imaging, added:
In 1990, Socrates developed the
first digital ride photo system, quickly followed by a series of
new-to-market and innovative products. The quality and reliability
of our photosystems are second to none, with the best yet to come
in season 2024. I am very excited about the potential collaboration
with Visum. It will both accelerate our growth and bring exciting
new products and features quicker to market.
The directors of Visum accept responsibility for this
announcement.
ENDS
About Visum Technologies
Visum Technologies Plc (AQSE: VIS)
is a capture technology firm primarily focusing on the global
leisure market. Their mission is revolutionizing capture
technology, initially targeting specialized niches within the
leisure industry. Visum captures, generates, and distributes
branded, real-time digital content. They do this through a
combination of proprietary hardware and software solutions that can
be distributed and shared on all leading social media platforms.
Whenever Visum identifies complementary technologies that can
enhance its core offerings, expand its global presence, or
facilitate entry into new markets, they are open to partnerships or
acquisitions. For more information, please visit
www.visumtechnologies.net.
For
further information, please contact: