SYDNEY, AUSTRALIA: Medical technology company Singular Health Group Ltd (ASX: SHG) has signed a Share Sale Agreement to divest of its 50% shareholding in the in the GeoVR Pty Ltd joint venture
(“GeoVR JV”) to its joint venture partner TerraCentric Pty Ltd (“TerraCentric”).
The agreement is for an indicative Purchase Price of AUD$500,000 and a proposed ongoing license fee or royalty.
The intellectual property (IP) that underpins GeoVR allows for the 3D visualisation of large datasets to create a collaborative, interactive virtual twin of mineral exploration and ongoing resource extraction activities from commonly used data formats and is a complementary addition to TerraCentric’s parent company, FlowCentric Technologies Pty Ltd’s existing mineral resource software offerings.
GeoVR Pty Ltd, a joint venture company incorporated in November 2021, holds the
GeoVR platform IP.
Singular Health’s Managing Director, Thomas Hanly, explaining the planned divestment of GeoVR, said: “The GeoVR project has been a long-term project with TerraCentric and FlowCentric Technologies with the development work involved proving complementary to Singular’s core medical imaging software development.
“We welcome the decision by our JV partner and their interest in the anticipated sale of the GeoVR asset as it would allow Singular to focus solely on advancing our medical imaging technology and its commercialisation.”
Managing Director of TerraCentric Technologies, Kevin Hudson, said: “TerraCentric and FlowCentric Technologies have been working with Singular Health over the last two years, and we are excited to take have this opportunity to take full ownership of GeoVR.
“The technology is complementary to so much of the work our company does in South Africa and Australia, and we look forward to continuing to work with the talented team at Singular Health.”