St Energy buys Panorama Labs' assets for $1.35 million

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St Energy buys Panorama Labs' assets for $1.35 million

St Energy, an Australian-owned software developer has finalised the purchase of all of the assets of Panorama Labs from its liquidators for the sum of $1.35 million.

Panorama Labs went into voluntary liquidation on July 31. At the time, St Energy had considerable shares in the developer but was unable to resolve the administrative governance matter with the board of Panorama Labs which instead went into voluntary administration.

St Energy’s purchase will be funded by the issue of ‘Convertible Notes’ with
Interest to be paid at ten percent per annum and fully paid shares at thirty cents each.

In a statement to the ASX, St Energy said it’s also currently in negotiations with personnel and suppliers to further develop and commercialise magneto photonic and fibre device technology which was acquired in the deal.

It is expected that finalisation of all of Panorama’s intellectual property may take some time.

The Company will continue to work with Panorama’s liquidators in order to conclude the transfer as soon as possible.

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