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  • BY: Andrew Hore |
  • POSTED: 18/12/2007 |

Celoxica is selling its electronic systems level design business for $3m. 

The buyer is Catalytic, Inc, which will pay $2.7m on completion. The rest will be paid a year later as long as there are no warranty claims.

Celoxica is a developer and supplier of accelerated computing equipment and software which has failed to grow its revenues as quickly as it hoped to when it joined Aim. The sale of this part of the business will provide much needed cash and enable the company to concentrate on its core business.

Management was replaced earlier this year. They haven’t had time to affect the results. Interim turnover fell sharply and Cleoxica lost £2m in the six months to June 2007.

In little more than two years on Aim Celoxica’s share price has fallen from 31.25p to 5.375p.

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