MUSE Technologies develops and markets software products that enhance a computer user's ability to visualize, analyse and understand large and diverse forms of data using Windows NT and UNIX-based systems. The company's software enables engineers, scientists, developers and corporate professionals to collaborate in real time over local and global networks, and to solve complex data integration and data management problems.
Virtual Presence Limited provides interactive 3-D computer-based business solutions to European defence, medical and manufacturing industries and is an established supplier of training, evaluation, diagnostic and simulation hardware and software to hospitals and medical research groups in the UK and other countries. Virtual Presence has offices in London and Manchester, United Kingdom, and operates a Paris-based subsidiary.
Curtiz J. Gangi, who is President of MUSE Technologies, is extremely pleased to enter into this letter of intent with Virtual Presence Ltd. and foresees the union, if completed, as one which will create a dynamic team of the world's leading experts in perceptual computing. Both MUSE Technologies and Virtual Presence have been innovators in the deployment of 3-D software and solutions which are used by major corporations and governmental agencies, and complement each other in market presence and technologies under development, as Mr. Gangi states.
John Hough, President of Virtual Presence, commented that the Virtual Presence team is extremely excited about the possibilities of working with MUSE and the additional markets, the synergy between the two companies will open up. The combination of MUSE's world-leading technologies and Virtual Presence's skills will generate a powerful new force in real time graphics, according to his belief.
Gangi added that by strategically allying itself with Virtual Presence, MUSE Technologies would significantly enhance revenue streams and position itself for future profitable growth in a number of global industries. The proposed transaction would provide MUSE the opportunity to quickly expand as a global entity into the medical and other manufacturing markets, which has been a stated objective of the business plan.
The proposed purchase price for the acquisition is $600,000 in cash payable over an 18-month period and the issuance of 375,000 shares of Common Stock of MUSE Technologies, which shares will be subject to certain restrictions. The letter of intent is non-binding and is subject to the negotiation and execution of definitive agreements between the parties and satisfactory completion of due diligence. There can be no assurance that the acquisition will be consummated.