Strix Group PLC - Proposed Acquisition
Strix Group Plc (AIM: KETL), the global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, is pleased to announce it has made an offer, subject to certain conditions, to acquire specified assets from HaloSource Corporation ("Halosource") for approximately $1.3m in cash.
Halosource is a clean water technology company, admitted to trading on AIM, with operations in the US and China. Strix has offered to acquire certain US and Chinese assets which will assist in accelerating its strategy to expand and grow its water filtration division.
The acquisition is subject, amongst other things, to the negotiation of mutually acceptable legal documentation and the approval of HaloSource shareholders.
Strix will make a further announcement in due course.
ABOUT STRIX GROUP PLC
Isle of Man based Strix, is a global leader in the design, manufacture and supply of kettle safety controls and other components and devices involving water heating and temperature control, steam management and water filtration.
Strix's core product range comprises a variety of safety controls for small domestic appliances, primarily kettles. Kettle safety controls require precision engineering and intricate knowledge of material properties in order to repeatedly function correctly. Strix has built up market leading capability and know-how in this field since being founded in 1982.
Strix is admitted to trading on the Alternative Investment Market of the London Stock Exchange (AIM: KETL).