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ParOS

  • BY: Andrew Hore |
  • POSTED: 24/04/2009 |

ParOS has signed non-legally binding heads of terms to buy mobile device information systems developer Worldlink.

The acquisition will be a reverse takeover and will be paid for in ParOS shares.

The circular for the deal should be published in June. The 2008 annual report will be sent to shareholders at the same time.

Surrey-based Worldlink was formed in 1998 and has developed a real-time financial information system for handheld devices. Worldkink started licensing its technology in May 2008.  www.worldlinkits.com

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. ParOS was running out of money and it sold the business to one of its directors, thereby turning the company into a shell.

The shares were suspended on 30 March 2009 because ParOS had not made an acquisition within the required 12 month period. At the suspension price of 0.055p a share, ParOs was valued at £260,000. There was £26,000 in the bank on 30 June 2008.

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