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.
Headquartered in Sydney, Australia, BQT Solutions Limited engages in the development and marketing of smart card-based security access control systems.
BQT Satellites Limited is a subsidiary of BQT Solutions Limited and Prime Asset Finance Limited.
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.
Under the revised agreement, BQT Solutions has determined that it will now implement a new security development program directly rather than through its subsidiary BQT Intelligent Security Systems Pty Ltd.
The aggregate value of the investments to be made by 4C Controls in BQT Solutions and BQT Satellites under the revised agreement is expected to be AUD$18 million.
has committed to provide the funds necessary to complete the investment of 4C Controls in BQT Solutions and BQT Satellites.