- Austco Communication Systems Pty Ltd (subsidiary of Azure Healthcare Limited) has entered into a binding Term Sheet for the sale of its CellGuard business, for upfront consideration of $1m.
- Transaction is consistent with Azure’s ongoing strategic restructuring programme to optimise shareholder value, in part, through the rationalisation of non-core assets.
Azure Healthcare Limited (ACN 108 208 760) (ASX: AZV) (Azure or the Company) is pleased to announce that its wholly owned subsidiary Austco Communication Systems Pty Ltd (ACN 009 195 984) (Austco) has entered into a binding Term Sheet with a private entity for the sale of certain assets owned by Austco (and its subsidiaries Austco Marketing & Service (UK) Ltd, and Austco Communication Systems (NZ) Ltd) in connection with the Company’s CellGuard business (CellGuard), for upfront consideration of $1m, subject to customary completion adjustments (the Transaction).
The divestment of the CellGuard business, as noted in the 2016 Annual Report, forms part of the Company’s ongoing strategic restructuring programme, to realise operating efficiencies from the divestment of noncore business streams and consolidate focus on Azure’s core operations in the healthcare sector.
Final Transaction documents are being negotiated. The Transaction remains subject to the execution and completion of final sale documentation. The Transaction is expected to complete by the end of November 2016.
Commenting on the Transaction, Azure’s Chief Executive Officer, Mr Clayton Astles said, “We are pleased to have achieved this further important milestone in the Company’s restructuring programme. Following completion of the Transaction the Company will be even further equipped to capitalise on its opportunities in healthcare communication systems and clinical workflow solutions”.
About Azure and CellGuard
Azure is an international provider of healthcare communication and clinical workflow management solutions. The Company is headquartered in Australia, has subsidiaries in six countries and supports healthcare facilities through its global reseller network. Azure Healthcare services markets including Australia, New Zealand, Canada, UK, USA, Asia and the Middle East.
Austco is a wholly owned subsidiary of Azure and manufactures speech-based call systems, one of which is CellGuard. CellGuard is a communication system for secured facilities including prisons, remand centres, police stations and custodial care facilities.
For further information please contact:
Mr Clayton Astles
Chief Executive Officer
Telephone AUS: 61 411 531 170
Telephone US: +1 416 565 7457
Mr Jason D’Arcy
Telephone AUS: +614 1767 7732
Telephone US: +1 214 930 2233
About Azure Healthcare Limited (ASX:AZV)
Azure Healthcare Limited is an international provider of healthcare communication and clinical workflow management solutions. The company is headquartered in Australia, has subsidiaries in six countries and supports healthcare facilities through our global reseller network which includes growing markets in health, aged care and remand care. Azure Healthcare services markets including Australia, New Zealand, Canada, UK, USA, Asia and the Middle East. For further information please refer to the Company’s website www.azurehealthcare.com.au