March 20, 2016 -
Top End Minerals Ltd announced that it has finished due diligence on the acquisition of Israeli facial recognition business, Anyvision, and has elected to execute a binding share sale contract in the coming days.
According to reports, investors seem to be on board with the acquisition as trading volume has increased in the stock.
Anyvision says its facial recognition engine works on large numbers of different identities without loss of performance, and can predict field of view, interaction, predict changes in loss or gain weight, and detect disguises such as beards, glasses and hats. The technology is suitable for applications in homeland security and defence, financial services, gaming, pathology, agriculture, and the control of home devices.
Tope End says the revenue model for Anyvision is based on one-off system purchases and installations and future revenue from ongoing support and any updates.
Upon closure of the transaction and approvals, Top End will acquire all of the issued capital of Anyvision from the vendor equity holders for $6 million. This consideration involves $100,000 paid to Anyvision for working capital on the execution of the term sheet and $100,000 per month during the course of the transaction to Anyvision for working capital purposes.
The binding agreement will be subject to certain conditions precedent including seeking shareholder approval of Top End shareholders.
The company will be renamed to reflect its new operating business.
Top End will seek to raise a minimum of $3 million to finance working capital for the expansion of Anyvision post completion of the transaction.