Quadron Capital (CSE:QCC) has announced the closing of the acquisition of Cybernetic Control Systems.
As quoted in the press release:
- Cybernetic has developed electronic/automated products and systems relating to LED lighting systems and nutrient mixing/sensing systems specific to the cannabis industry.
- Proven track record of producing automation designs that increase efficiencies and improve ROI for licensed marijuana growers with proven track record.
President and CEO of Quadron, Rosy Mondin states, “Cybernetic has a proven track record of designing, manufacturing and supplying custom and standard machines to bring automation to the process manufacturing and industrial sectors. As commercial production in the cannabis sector is in its infancy, there is enormous potential to take Cybernetic’s automation experience and apply it to create efficiencies, consistencies and overall better returns for emerging companies in this rapidly growing industry.”
Pursuant to the acquisition, the shareholders of Cybernetic received an aggregate of 2,700,000 common shares of Quadron at a deemed price of $0.25 per share, in consideration for all of the issued and outstanding share capital in Cybernetic. Up to an additional 6,150,000 common shares of Quadron may be issued to Cybernetic shareholders, upon Cybernetic meeting certain revenue milestones, of up to $2,500,000, for the fiscal year ending April 30, 2018. The purchase price also includes an offset of $350,000 owing to Quadron. The initial 2,700,000 common shares issued in connection with the acquisition are subject to a hold period expiring July 18, 2017.