- Smart Marine Systems (SM8) has successfully completed the purchase of 100 per cent interest in Advanced Offshore Streaming
- At the company AGM on November 28, shareholders gave the nod to issue convertible notes to the value of $4 million
- According to Smart Marine’s Managing Director, this purchase presents a major step forward to advance its unique technologies and offerings
- Smart Marine’s share price is currently up 7.32 per cent with share trading for 4.4 cents apiece
Smart Marine Systems (SM8) has successfully completed the purchase of 100 per cent interest in Advanced Offshore Streaming (AOS).
At the company annual general meeting on November 28, shareholders gave the nod to issue convertible notes to the value of $4 million to fund the first phase of the acquisition.
Shareholders also approved the provision of additional working capital for ongoing development. An initial payment of $3.5 million has been made to AOS shareholders.
AOS has developed proprietary software algorithms and hardware that facilitates the secure, encrypted transfer of data via satellite at much lower bandwidths than previously possible.
This represents a significant technological advancement towards the secure high-quality transfer of real-time voice, video and data from offshore and remote locations.
AOS’ technology is already successfully operating for a number of blue-chip clients in offshore environments across Australia, Europe and New Zealand, and is the foundation technology of the ‘Fugro neXt’ service offering.
“The acquisition represents a major leap forward in enabling the company to advance its unique technologies and offerings, and a particularly important step towards realising the long-term commercialisation of the Clever Buoy technology,” Smart Marine’s Managing Director Paul Guilfoyle commented.
“AOS gives us the scope to further develop remote environment communications and data transfer services for our clients,” he added.
Smart Marine is an Australian marine technology solutions company that has developed and commercialised marine products and services.
Its product portfolio includes the Clever Buoy and Harvest Technology.
Clever Buoy is a real-time marine monitoring platform for ocean safety applications, environmental monitoring, security and surveillance technology.
Its Harvest Technology is a dynamic solutions and service provider to the subsea technology, renewable energy and oil and gas sectors.
Smart Marine’s share price is currently up 7.32 per cent with shares trading for 4.4 cents apiece at 2:38 pm AEDT.