Rudana has undertaken to provide 4C Controls with the funds required to complete its investment in BQT Solutions, BQT Satellites Ltd ("BQT Satellites") and BQT Intelligent Security Systems Pty Ltd ("BQT Security") as specified in a Securities Purchase Agreement to be entered into between 4C Controls, BQT Solutions, BQT Satellites and BQT Security.
Abdulrahman Ahmad Falaknaz, Chairman of BQT Solutions, adding, "We will focus our strategy on corporate development and commercialization of the BQT Group technologies.
PAF"), a current financial adviser to BQT Solutions, and Arimathea Limited ("Arimathea"), a corporate development and financial advisory company based in the Isle of Man.
Anastasios Angeloglou, CEO of BQT
Solutions stated, "We are proud to join 4C Controls in its projects, and combine both our management and technical expertise to achieve success.
The BQT exploits a simple non-invasive technique called Raman spectrometry to carry out the analysis.
The company now plans to conduct additional human clinical trials alone and in conjunction with partners to continue the development and validation of the BQT.
Poku continued, "There are significant limitations in relation to costs, prediction ability and availability associated with the existing tests and we believe there is a real opportunity for a new simple, accurate non-invasive test like BQT to grow the market.
The 4C Controls acquisition of 40% of BQT Satellites Limited will include synthetic aperture radar (SAR) satellite manufacturing facilities planned in Verres Italy in partnership with the Politechnico di Torino, one of the largest European technology institutes.
Under the terms approved by the BQT Solutions shareholders, 4C Controls expects to invest AUD$4 million into BQT Solutions and AUD $14 million into BQT Satellites.
Jean Martin, Chairman of 4C Controls, stated, "The products, technologies and customer base of BQT Solutions combined with the distinguished expertise and established relationships in the global security industry of the 4C Controls management team will enhance the position of both companies in the access controls, biometrics and earth observation based satellites market segments.
The revised agreement continues the 4C Controls subscription for 20,000,000 ordinary shares of BQT Solutions at an issue price of $0.
4C Controls has also agreed to a recapitalization of BQT Satellites Limited through an equity infusion of AUD $14 million.