Attila Resources Ltd (ASX:AYA) has completed due diligence on the acquisition of a privately owned cyber security infrastructure company which holds a binding agreement over another unlisted payment and cyber-security infrastructure company.
SecurET is a party to a binding agreement with Australian-based payment and cyber-security infrastructure company, Point of Pay Pty Ltd to which SecurET has a right to acquire an interest in assets held by POP.
POP’s encryption based technology, VeroGuard Systems, is concerned with enhancing internet security and they are currently in collaboration with CSIRO.
As yet, Attila has not signed a legally binding acquisition agreement.
VeroGuard is a patented technology developed by POP with the aim of eliminating two of the biggest problems faced on the internet by people, identify theft and card-not-present-fraud.
Attila Resources has completed the due diligence and is now in the process of finalising the deal terms with SecurET and POP and is in discussions with the ASX to ensure an appropriate structure is in place.
Attila Resources had a cash balance of $1.8 million as on 31 March, 2016 after successfully placing 100% of the shortfall shares during the quarter, arising from the company’s non-renounceable rights issue.
Meanwhile, Attila has placed its Kodiak Coking Coal Project in Alabama on care and maintenance.
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