Future Fibre Technologies Limited (FFT) (ASX: FFT), a global leader in fibre optic perimeter intrusion detection systems, is pleased to announce that its takeover offer for MaxSec Group Limited (ASX:MSP) closed on 21 December 2017, with the Company acquiring a relevant interest of 85.1% of MaxSec’s fully paid, ordinary shares.
- New perimeter security order valued at $642K
- Secure Fence to protect high security correctional centres
- Existing FFT customer standardising on FFT technology across its facilities
- Net operating cash flows up by over $600k to $645k for the quarter
- Net investing cash flows includes $1.8m strategic investment in MaxSec
- Cash position of $5.5m, with no debt
- New US-based contracts for secure data protection (A$237K) and perimeter security (A$903K)
- Total FY2018 contracts received YTD now valued at A$7.4M
- Strong interest in Aura Ai’s enhanced capabilities for high security installations
Future Fibre Technologies Limited (ASX: FFT) (“FFT” or the “Company”) today updated its guidance for the financial year ending 30 June 2018 (FY2018) as part of an ongoing management review of the Company’s business development and procurement cycles.
- Future Fibre Technologies to acquire all shares in MaxSec Group Limited
- MaxSec Shareholders will be offered one FFT Share for every four MSP Shares
- Clear market, business and synergistic benefits from the proposed merger