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PPK GROUP LIMITED — Capital/Financing Update 2014
Aug 28, 2014
65603_rns_2014-08-28_570065f3-6127-42c8-afa1-1df015b93023.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
FOR IMMEDIATE RELEASE TO THE MARKET
PPK Group Limited – ASX Code: PPK
PPK AUST. PTY LTD Friday 29th August 2014
Acquisition of MONEx Electronic Management System completed
PPK Group limited (PPK) is pleased to announce it has completed due diligence and all other requirements to acquire full ownership of the MONEx Electronic Management System (EMS) technology, associated intellectual property, manufacturing line and agreed inventory for $2.8 million.
The MONEx EMS is an integral part of the PPK Coaltram flameproof and explosion proof Load-HaulDump (LHD) multi-purpose vehicle manufactured by PPK Mining Equipment at its Tomago production facility.
The transaction was settled by initial payments of $1.4 million with the balance of $1.4 million payable (interest free) over 12 equal monthly instalments.
PPK Executive Chairman Robin Levison stated:
“PPK is delighted to have completed the acquisition of the MONEx EMS technology and looks forward to now being able to provide a “one stop shop” OEM experience for all Coaltram customers. Full ownership of this technology including patents and trademarks will also allow a much easier path to export, specifically to the Chinese and South African markets”.
For further information contact:
Robin Levison Executive Chairman Tel: (07) 3054 4500
PPK GROUP LIMITED
ABN: 65 003 964 181
LEVEL 31, AUSTRALIA SQUARE, 264-278 GEORGE STREET, SYDNEY NSW 2000 PO BOX H18, AUSTRALIA SQUARE, NSW 1215 TEL: +61 2 9241 7372