Houston, TX. July 2005
GGS - Convexa Becomes New Part Owner of NESCOS™ AS
GGS Norway (Global Geo Services a.s.a.) has entered into an agreement with CONVEXA
CAPITAL IV AS whereby CONVEXA will inject NOK 10 million of new equity into GGS`s
wholly owned daughter company NESCOS™ AS.
The deal is based on an enterprise value for NESCOS™ AS of
NOK 82.5 million and an equity value of NOK 62.5 million pre- transactions.
CONVEXA has an option for 24 months to invest an additional NOK 10
million on the same terms. The deal, which requires approval of both
parties’ corporate bodies, will give CONVEXA a seat on the
Board of Directors of NESCOS™. The closing of the transaction
will, in addition to board approvals, be conditional upon satisfactory
completion of due diligence and the execution of a definitive Investment
and Shareholder Agreement. The new equity will be used as working
capital by NESCOS™ in its marketing drive to commercialize
the unique NESCOS™ rotating valve technology.
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