Top End moving forward with acquisition of Israeli facial recognition company; makes appointment to Anyvision advisory board
Top End Minerals announced this week that it is moving forward with the acquisition of Israeli facial recognition company Anyvision and has appointed Major General (Res) Doron Almog to Anyvision’s advisory board.
The companies have also extended the timeframe to complete due diligence to March 23, 2016
Major General (Res) Doron Almog has held a number of government and private industry committee positions involved in the security industry and was the founder of Athlone Global Security, an investment fund, which today invests in high-tech Israeli companies specializing in the development of homeland security-related solutions.
“The appointment of one of Israel’s most decorated Generals to our Advisory Board is indeed a coup for TND and a very strong endorsement of our market leading technology,” said Anyvision CEO and Co-Founder Eylon Etshtein. “Doron has been acknowledged with numerous special honors and awards for his contribution to security and social betterment of Israel. We are delighted to welcome Doron to the TND Advisory Board and we are sure he will both complement and strengthen our skills base.”
Top End signed a term sheet to acquire the facial recognition company in February 2016 and transition out of the resources sector.
The company says homeland security presents the most immediate opportunity for the facial recognition business but that the technology also has applications in financial services, gaming, pathology and the control of home devices.
The acquisition terms are largely share based with majority of new shares issues based on performance.
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 for three months.
Previously announced, Top End will seek to raise a minimum of $3 million under prospectus to finance working capital for the expansion of Anyvision post completion of the transaction.