Skin Cancer Scanning Ltd. (SCS), a subsidiary of mBeach Software Inc. (MBHS), entered into a binding Memorandum of Understanding (MoU) to acquire 51 per cent of Israeli-based IRIS Marketing Ltd. which has presence in Central Africa and India.
The de facto merger of IRIS Marketing with mBeach, when concluded, will diversify mBeach line of activities to R&D and ongoing commercial marketing. These two lines of activities will create stable ongoing revenue which will counteract the R&D high risk and high potential which characterizes all development programmes, thereby growing the share and company value and at the same time providing more security and comfort for mBeach shareholders in their investment.
Under the MoU, MBHS will acquire 51 per cent of IRIS, partly by investing no less than $2.8 million in IRIS and partly by issuing new MBHS shares to IRIS shareholders in exchange for a portion of their shares in IRIS. The MoU is contingent upon funding, limited in time and is subject to a definitive agreement.
"We feel that the acquisition of a controlling interest in IRIS will greatly increase shareholder value. We believe that IRIS, as a conservative standard well managed trading company, with strong potential to succeed in global markets, based on mBeach public exposure, will place mBeach on a more solid financial base. We expect the merger to bring together complementary visions about innovation, market growth and further diversification of mBeach activities," said Joseph Biderman, Col (ret.) CEO, mBeach Software Inc.
Skin Cancer Scanning Ltd. (SCS) is a medical device company pioneering the development and commercialization of a revolutionary and proprietary imaging system for the early detection and diagnosis of skin cancer.
IRIS Ltd., is an Israeli company, operating in developed global markets in Central Africa and India and is marketing and distributing products in communication fields, electronic equipment, infrastructure and textile components.