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GETECH Group

  • BY: Andrew Hore |
  • POSTED: 09/12/2008 |

GETECH Group is buying the assets of Denver-based Lisle Gravity Inc, which will provide the group with US data for the first time.

The oil data and services provider is paying an initial $1.3m for Lisle, with a further $400,000 due in March 2009. There are also deferred payments of 15% of gross revenues, less commissions and revenue shares, up to $1m and 35% above that figure. This will be for the three years after the deal is completed.

Founder George Lisle will act as a consultant for $110,000 for the first year and then receive a retainer of $25,000 in each of the next four years.

Lisle generated revenues of $1.63m and made pre-tax profits of $555,000 after owner’s drawings. The deal should enhance GETECH earnings by 15% in the first year. 

GETECH is raising £400,000 from a placing at 26p a share. The company had net cash of £1.69m at the end of July 2008.

The deal means that GETECH owns one of the largest and most comprehensive gravity databases in the US. It should also help it sell more reports in the North American market.

At 27p a share, GETECH is valued at just under £8m after the latest placing.

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