Genetec Technology to dispose assets and operations of IP Systems, Inc

Genetec Technology to dispose assets and operations of IP Systems, Inc
Business & Markets 2013
Written by Cynthia Blemin of theedgemalaysia.com
Tuesday, 10 September 2013 18:07

KUALA LUMPUR (Sept 10): Engineering and design specialist Genetec TECHNOLOGY [] Bhd, has entered into a foreclosure agreement for the disposal of certain assets and operations of its indirect subsidiary US-based IP Systems, Inc (IPS) for RM720,000 in cash.

IPS, is a 60%-owned indirect subsidiary which is directly held by Genetec Global Technologies, Inc (GGT), a wholly-owned subsidiary of Genetec as well as Springs Fabrication, Inc (SFT).

Wells Fargo Bank, National Association (seller), IPS and GGT, the majority shareholder of IPS (collectively together with IPS) had on September 6, 2013, entered into a foreclosure agreement with Springs Fabrication, Inc with SFI, according to a filing with Bursa Malaysia today.

“The proposed disposal is in the best interest of the Genetec Group as the proceeds raised will be utilised to repay the amount owed by IPS to WF,” it said, adding that the proposed salel is expected to be completed by the fourth quarter of 2013.

GGT which is also incorporated in the US, is principally engaged in investment holding while IPS is involved in the manufacturing of containment systems such as custom nuclear glove boxes and hot cells, pharmaceutical isolators for toxic or aseptic containment, radio-pharmaceutical hot cells and stand laboratory glove boxes.

Genetec, is a leading contract manufacturer of automated industrial equipment, systems and production tools.