BATM Advanced Communications Ld Completion of Sale of NGSoft (7881S)

TIDMBVC

RNS Number : 7881S

BATM Advanced Communications Ld

19 March 2021

LEI: 213800FLQUB9J289RU66

19 March 2021

BATM Advanced Communications Limited

("BATM" or "the Group")

Completion of Sale of NGSoft

Further to the Group's announcement of 1 March 2021, BATM (LSE: BVC; TASE: BVC), a leading provider of real-time technologies for networking solutions and medical laboratory systems, announces the completion of the sale of NG Soft Ltd. ("NGSoft") to Aztek Technologies (1984) Ltd. following the receipt of approval from the Israel Competition Authority and the transaction becoming unconditional in all respects. BATM has received a total of NIS 93.7m (c. $29m) pursuant to the sale agreement as detailed in the previous announcement.

The Group intends to invest the proceeds of the sale to strengthen its innovation and commercialisation engine, both organically and through acquisition, to enable the Group to accelerate its core activities - in particular, in network function virtualisation ("NFV") and molecular diagnostics. The Board of BATM believes these areas offer transformational growth opportunities in the short to medium-term. In addition, the disposal of NGSoft, combined with the increased contribution to Group revenue from molecular diagnostics and NFV, will support the anticipated improvement in gross margin for 2021.

Enquiries:

 
BATM Advanced Communications 
Dr Zvi Marom, Chief Executive Officer                           [phone] 
Moti Nagar, Chief Financial Officer 
 
Shore Capital 
Mark Percy, Anita Ghanekar, James Thomas (Corporate Advisory) 
 Henry Willcocks (Corporate Broking)                            [phone] 
 
Luther Pendragon 
Harry Chathli, Claire Norbury                                   [phone] 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

DISBIGDXSSBDGBI

(END) Dow Jones Newswires

March 19, 2021 03:00 ET (07:00 GMT)