LBT Innovations (ASX:LBT) - CEO & Managing Director, Brent Barnes
CEO & Managing Director, Brent Barnes
Source: LBT Innovations
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  • LBT Innovations (LBT) completes the acquisition of Clever Culture Systems (CCS) and now owns 100 per cent
  • On December 29, the company signed a binding agreement with Hettich to acquire its 50 per cent holding in CCS
  • The acquisition consisted of a $1 million cash payment, the issue of 32.66 million LBT shares for $2.8 million and eight million LBT options
  • This acquisition provides LBT with complete control of CCS at a critical time in the commercialisation of its culture plate screening technology
  • Shares in LBT are steady on the market and are trading at 11.5 cents

LBT Innovations (LBT) has completed the acquisition of Clever Culture Systems (CCS) and now owns 100 per cent of the former joint venture.

On December 29, the company signed a binding agreement with Hettich Holding Beteiligungs-und Verwaltungs-GmbH to acquire its 50 per cent holding in CCS.

CCS was established as a 50:50 joint venture between LBT and Hettich for the exclusive development and commercialisation of LBT’s APAS Independence technology.

APAS (Automated Plate Assessment System) Independence is a platform technology that automates culture-plate screening and interpretation.

Thousands of agar plates are assessed every day and each one has to be thoroughly examined by a microbiologist.

APAS Independence speeds up the process by automatically screening, interpreting and sorting the plates – freeing up the microbiologist’s time.

The consideration for the acquisition was $4 million, consisting of $1 million in cash, the issue of 32.66 million LBT shares valued at $2.8 million and eight million LBT options.

This acquisition provides LBT with complete control of CCS at a critical time in the commercialisation of its APAS technology.

Shares in LBT were steady on the market and were trading at 11.5 cents at 12:17 pm AEDT.

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