Geospatial Holdings, Inc. announced that it has filed an 8K describing the entry into a material definitive agreement with Reduct NV.
PA - Geospatial
Holdings, Inc. (OTC BB: GSPH) announced that it has filed an 8K describing
the entry into a material definitive agreement with Reduct NV.
Geospatial Holdings reported that on December
18, 2008, the Company entered into Amendment No. 3 to that certain Exclusive
License and Distribution Agreement (the "Agreement") with Reduct NV ("Reduct"),
a company organized and existing under the laws of Belgium, and Delta Networks
Limited SA ("Delta"), a company incorporated under the laws of Luxembourg and
owner of all outstanding capital stock of Reduct, under which the Company (i)
agreed to extend the payment due date for certain payments owed by the Company
to Reduct; (ii) agreed to restructure certain other payments owed by the Company
to Reduct; (iii) granted an option to purchase 500,000 shares of the Company's
common stock to Delta; and (iv) agreed to work in good faith with Reduct and
Delta to draft and execute mutually acceptable agreements pursuant to which the
Company will acquire Reduct through a purchase of one hundred percent of its
outstanding capital stock (the "Acquisition") from Delta.
The initial target closing
date for the Acquisition is June 15, 2009, but that date may be extended subject
to certain conditions described in the Agreement. Reduct is an international technology
company, based in Belgium, which is developing technologies in the field of
underground pipeline mapping. Reduct's
patent-pending DuctRunner Smart Probe Pipeline Mapping Technology is a
gyroscope-based inertial measurement system designed to create accurate,
economical three-dimensional maps of all types of underground pipelines,
including water, sewer, electrical, telecom, and oil & gas pipelines.
Additional information on Geospatial can be found on our website at:
Geospatial Holdings, Inc. Reports Entry Into Material Definitive Agreement
January 14, 2009