ParOS is selling its trading business and turning back into a shell.
ParOS was formed when Parametric Optimization Solutions reversed into Ofex shell Oak Prospects on 21 March 2006. The business was formed in January 2002 to commercialise energy saving advanced optimisation and control solutions to industry developed at Imperial College, London.
The business secured small development contracts but couldn’t stem its cash outflow or find new investors.
Professor Efstratios Pistikopoulos of Imperial College – and a ParOS director - is buying the trading business for £1. The intra-group debt of £925,000 will be waived.
The Aim company will receive royalties of 7% of gross revenues for every year up to and including 2022. Last year’s turnover was just short of £89,000 and the loss was £527,000. The purchaser will retain the tax losses.
If the business is sold before the 1 April 2018 then the Aim shell will receive 40% of the gross proceeds.
Following the disposal ParOS will have £140,000 in the bank and will look for an engineering business to acquire which has little need for funding and will be earnings enhancing.
At 0.065p, down 0.025p on the day, ParOS is valued at £310,000.
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