Business Update

RNS Number : 5326Y

Tracsis PLC

24 December 2010

 

TRACSIS PLC

("Tracsis" or "the Group")

Business update

Further to the stock market announcement made on 15 July 2010, Tracsis today confirms that Robert Watson has resigned his directorships at Tracsis plc and other subsidiary companies of the Group.  The Group is pleased to announce that Robert will remain as an employee, and will continue to work with the Group on a part time basis, working on consultancy based assignments and other project work.

Tracsis also announces that it has reached agreement with the vendors of Peeping Limited on the amount of deferred consideration payable as part of the consideration for the acquisition of the company in 2009. The sum of £117,000 was payable and was satisfied in cash. The deferred consideration was paid following a successful post acquisition earn out period. Peeping has now been successfully handed over and integrated into the Tracsis Group operations, and has performed well since the acquisition, in line with expectations.

John McArthur, Tracsis CEO commented,

"We are pleased that Robert will continue to be employed within the Group, and look forward to his continued involvement in the business given his extensive knowledge and experience of the UK rail industry.

The payment of the Peeping deferred consideration demonstrates that this business has performed well since it was acquired. Whilst a new management team is in place, the original founders continue to be involved, and we are working together to grow the business."

For further information please contact Tracsis Plc as below:

John McArthur, Chief Executive Officer                           T: 0845 125 9162

Alex Clarkson, Zeus Capital                                          T: 0161 831 1512

www.tracsis.com

Tracsis Plc, Leeds Innovation Centre, 103 Clarendon Road, Leeds LS2 9DF

T: 0845 125 9162

 

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