The management of SAN People is pleased to announce that it has reached agreement with Control Instruments Group Ltd to acquire 51% of the company`s ordinary share capital.
According to the agreement signed by both parties today, Control Instruments Group Ltd will retain a 49% shareholding in the company in the form of preference share capital. The transaction is retroactive to 1 March 2002.
The transaction includes a financial restructuring which will leave the new company free of any loan obligations and ample working capital. In addition Control Instruments has agreed to fund the completion of certain development projects. The decision by Control Instruments was motivated subsequent to the publication of the Group`s annual results and in an effort to improve group performance by increased focus on core activities.
According to Henry de Ruyter who led the management buyout and is the new company`s managing director, management action in the short term will be directed at improvement in sales and marketing focus and to complete the reorganisation which resulted from the staff restructuring The Management team consists of James Keen as technical director, Cecil Hill as senior hardware development engineer and Andrew Victor as senior software development engineer. SeanMcCree as sales engineer is in charge of sales and marketing.
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Founded in 1994 and a subsidiary of the Control Instruments Group Ltd since 1999, the company has been a market leader in the development of serial -to Ethernet solutions. These take the form of modules which are integrated with OEM customers products which then network enable those devices. The company also produces a range of retrofit EtherPADs which network enable serial devices. The company does its` own software and hardware development and manufactures and markets its` own products.
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