Avacom: Details for acquisition of Tachidomi
Subject: Additional announcement on acquisition of Tachidomi Ltd
Tachidomi Ltd was established in 2005 in Nicosia and is actively involved in the construction of houses/flats and buildings. Its shareholders are associated persons and companies of the major shareholders of Avacom Public Company Ltd. It applies exclusively the Cross Wise Technology and has the exclusive rights for its promotion on a worldwide scale.
The rights stem from the patent WO 2007/057719, PCT/GR2006/000061 and have been assigned to Avacom Public Company Ltd together with the acquisition of Tachidomi.
The company is based in Nicosia and had partners all around Cyprus. After its development in the Cypriot market, the company plans to expand its activities in many countries.
The company launched its activities in late 2005 with a turnover of more than £400,000 in 2006 and more than £1,850,000 in 2007 and profitability of more than £350,000. For 2008, it has reached several agreements and is expected to reach more agreements exceeding £3,500,000. Its audited accounts will be published together with the Group’s accounts. The anticipated profitability in the next four years will exceed 7,000,000 with a minimum guaranteed profitability from the sellers of £2,500,000.
The deal was at arm’s length and aims to boost the Company and strengthen the activities of the subsidiary Ceilfloor Public Company Ltd.
Tachidomi Ltd was established in 2005 in Nicosia and is actively involved in the construction of houses/flats and buildings. Its shareholders are associated persons and companies of the major shareholders of Avacom Public Company Ltd. It applies exclusively the Cross Wise Technology and has the exclusive rights for its promotion on a worldwide scale.
The rights stem from the patent WO 2007/057719, PCT/GR2006/000061 and have been assigned to Avacom Public Company Ltd together with the acquisition of Tachidomi.
The company is based in Nicosia and had partners all around Cyprus. After its development in the Cypriot market, the company plans to expand its activities in many countries.
The company launched its activities in late 2005 with a turnover of more than £400,000 in 2006 and more than £1,850,000 in 2007 and profitability of more than £350,000. For 2008, it has reached several agreements and is expected to reach more agreements exceeding £3,500,000. Its audited accounts will be published together with the Group’s accounts. The anticipated profitability in the next four years will exceed 7,000,000 with a minimum guaranteed profitability from the sellers of £2,500,000.
The deal was at arm’s length and aims to boost the Company and strengthen the activities of the subsidiary Ceilfloor Public Company Ltd.
