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Sarin Technologies acquires Galatea

28
Apr '08
Singapore Exchange Mainboard-listed Sarin Technologies Ltd (“Sarin” or “the Group”), is a worldwide leader in the development, manufacturing and marketing of advanced diamond planning, evaluation, production, measuring and grading systems.

It is pleased to announce that it has entered into an agreement with the shareholders of Galatea Ltd (the “Vendors”) to acquire a 100% equity stake in Galatea, an Israeli company engaged in the development of a unique and innovative technology for the fully automated evaluation of internal features in rough and polished diamonds.

Currently, there is no similar cost effective automated system for the evaluation of a diamond's internal features in the market.

Galatea's technology of fully automated internal feature evaluation will provide diamond manufacturers with a technology to significantly improve the realised yield of rough stones.

The commercialisation of this technology will not only increase the Group's revenue through product range expansion, but is also expected to boost the sales of Sarin's existing rough diamond planning products.

The total consideration for the Acquisition is US$10.77 million, of which US$9 million is to be paid in cash and the balance through the issuance of 6,859,225 new shares of Sarin.


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