On January 27, 2014 ViaLogy PLC, at a specially convened General Meeting in London, received shareholder approval for a radical restructuring of its operations. Details of the proposals, together with information about the successful raising of £1.6m of new funds via an Open Offer and Placing can be found by following the links headed NEWS & ANNOUNCEMENTS on this page.
Among the major proposed changes are:
ViaLogy will seek to add value by the acquisition and integration of a company or companies with substantial growth potential. The Directors are already appraising and evaluating businesses for such a purpose and are mindful that the first such acquisition is likely to be deemed a reverse takeover under the AIM Rules and that such developments may well require further equity fundraisings.
A new US-based company, ViaLogy Energy Corp (VEC), has been established to arrange the worldwide sales and marketing of oil and gas related applications for the ViaLogy technology, QuantumRD. ViaLogy PLC retains a 75% holding in VEC and intends to offer 25% to a strategic partner. ViaLogy's new Board of directors and management team, under the direction of Executive Chairman Adam Reynolds, are actively seeking to implement the new investing strategy of the Company and a further announcement will be made as arrangements are finalised.