News Release from: Toumaz Technology
Edited by the Electronicstalk Editorial Team on 15 November 2005
Nanoscience acquires Toumaz
Toumaz is now a wholly owned subsidiary of the AIM listed Nanoscience.
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Toumaz is now a wholly owned subsidiary of the AIM listed Nanoscience. The consideration payable in respect of the acquisition has been satisfied through the issue of 96,337,210 Nanoscience shares, valuing Toumaz at approximately GBP 17.7 million. Toumaz will retain its independent commercial identity while being able to take advantage of the benefits of being part of a stronger enlarged publicly listed entity.
The strategic focus for Toumaz remains unchanged but the transaction will enable Toumaz to accelerate the ongoing development of its ultra-low- power Sensium family of devices based on the company's proprietary AMX advanced mixed signal technology.
Toumaz' close links with Imperial College, London - with which it has a technology pipeline agreement - have recently been strengthened by the cofounding of the new Institute of Biomedical Engineering by the company's Chairman and CTO, Professor Chris Toumazou, giving Toumaz the opportunity to access the major global pharmaceutical and medical device manufacturers.
Professor Chris Toumazou, newly appointed Nonexecutive Director of Nanoscience, commented on the strengthened relationship with Imperial College: 'With the new IP option agreement with Imperial Innovations, Toumaz has been granted the exclusive right to explore the commercial potential of intellectual property generated within the new Institute of Biomedical Engineering in the field of wireless communications and low power circuit design'.
Toumaz plans to invest part of the funds raised in a number of key areas, including ongoing new product development, support for further investigations into advanced semiconductor processes and the strengthening of the company's engineering and commercial teams.
Commenting on today's announcement, Richard Rose, Nonexecutive Chairman of Nanoscience, said: 'It is my belief that this acquisition marks a significant and substantial progressive step for both parties'.
'Toumaz will bring to Nanoscience two key elements: the first being a world-leading technology with a number of established and identified target markets ranging from healthcare to consumer electronics; and the second being a significant base of industry and academic contacts that will be key to the procurement of further technologies and the establishment of collaborative product development projects'.
Keith Errey, CEO of Toumaz Technology, added: 'This acquisition combines a fantastic technical team in Toumaz with a very accomplished commercial team in Nanoscience'.
'By enabling us to leverage Nanoscience's wide commercial expertise and investor experience, this route will allow Toumaz to remain focused on our technology development and the execution of that technology - our core business'.
'We believe that the combined strengths of the companies will create an entity of significant value'.
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