Strat Aero Plc (LON:AREO) has today provided shareholders with the following operational update.
The Board has made considerable and rapid progress on reducing costs whilst continuing to enhance the performance and prospects of Geocurve, its main operating business. Board and corporate costs are both now materially reduced with the training division and the US operations now closed.
Our wholly owned subsidiary Geocurve has now commenced its initial innovative technology-based 3D and Virtual Reality survey service for the Environment Agency’s Thames Estuary Asset Management 2100 (TEAM2100) programme and is in dialogue with other potential customers for similar services.
In pursuit of the strategy outlined in December, Strat Aero Plc is in advanced discussions in relation to the acquisition of a substantial minority stake in a complementary innovative technology business with strong prospects for growth. If the transaction is concluded the purchase consideration will be met from current cash resources. Whilst the parties are very hopeful of reaching a definitive agreement in the near future, there can be no certainty that these discussions will conclude satisfactorily until the final documents are signed. Further announcements will be made in due course as appropriate.
