Novra Technologies Inc. (TSX VENTURE: NVI) has announced that its Board of Directors has approved to acquire a 51% controlling interest of Wegener Corporation, the company said.
On or before December 29, 2017, Wegener will issue 14 million shares of Wegener common stock to Novra in exchange for 2 million Novra common shares. This share exchange is based on an estimated market value of USUSD 250,000 for the 51% interest, based on Novra´s closing stock price and foreign exchange rate on November 6, 2017.â©â©This 51% controlling interest will allow Novra to drive further operating efficiencies and revenue growth by integrating Wegener´s operations with the Novra Group. In addition, this will also enable Novra to restructure Wegener´s debt before acquiring the remaining 49% interest in Wegener. While we are confident with this plan, there is no assurance that we will fully realize its objectives.â©
Wegener is a long-time provider of digital media management and distribution technologies for applications including digital signage, radio and television. The company is based in Johns Creek, Georgia, USA. During the fiscal year ended September 1, 2017, Wegener had revenues of USUSD 3.4 million and operating income of USUSD 92 thousand (based on unaudited figures).â©â©Novra is an international technology provider of products, systems and services for the distribution of multimedia broadband content. Novra´s applications focus includes: broadcast video and radio, digital cinema, digital signage, and highly reliable data communications.â©â©