News
News
Moventis Completes PTL Buyout
Published: 28 November 2006
by Mike Buetow
PTL has revenues of C$10.2 million and EBITDA of C$1.3 million for the fiscal year ended March 31, 2006. Over the first two quarters 2007 revenues rose 25% and 36.2%, respectively, year over year.
At closing, Moventis paid C$3 million in cash and $1.2 million in common shares. The balance of the purchase price consisted of convertible debentures in the aggregate amount of C$2.3 million, convertible into common shares at the option of Moventis. A final cash payment in the amount of C$500,000 is payable within 12 months after closing.
"We're excited to finalize the acquisition of PTL and get started on our growth plan for this tremendous company," said Moventis chairman and CEO Blake Ponuick. "Even without access to significant resources, PTL has developed into a successful company with long standing customer relationships. We look forward to rolling up our sleeves and providing expertise and resources to further accelerate growth."
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