Brief: Connected IO To Re-Structure Its U.S. Business By Divesting CIO Technology

Connected Minerals

25/11/2021 03:40

Nov 25 (Reuters) - Connected IO Ltd  CIO.AX :
    * COMPLETED ITS STRATEGIC REVIEW (REVIEW) OF CONNECTED IO
BUSINESS
    * REVIEW IDENTIFIED SOUTHEAST ASIA & AUSTRALASIA AS A NEW
FOCUS
MARKET AND HAS COMMENCED INVESTIGATING PARTNERING ARRANGEMENTS
    * REVIEW DETERMINED IT IS APPROPRIATE FOR CO TO RE-STRUCTURE
US
BUSINESS BY DIVESTING ITS UNIT CIO TECHNOLOGY INC
    * REMAINS OPEN TO NEW ACQUISITIONS THAT ARE COMPLIMENTARY TO
EXISTING BUSINESS AND CAN BE APPROPRIATELY FUNDED
    * WILL RETAIN EXCLUSIVE PERPETUAL GLOBAL LICENSE TO UTILISE
EXISTING INTELLECTUAL PROPERTY OUTSIDE OF NORTH AMERICA
    * SALE OF US UNIT, CIO TECHNOLOGY INC, TO COMPANY'S PREVIOUS
MANAGING DIRECTOR

Source text for Eikon:  ID:nASX7gfQHc 
Further company coverage:  CIO.AX 

 ((Reuters.Briefs@thomsonreuters.com;))