ASX Release: 30 October 2014 ALA INVESTMENT SIGNS

ASX Release: 30 October 2014
ALA INVESTMENT SIGNS OPTION AGREEMENT WITH $5.9M REVENUE GENERATING
COMPANY, CIRRUS NETWORKS PTY LTD
•
Liberty Resources Limited (ASX:LBY) announces option agreement to acquire
100% of IT solutions integrator Cirrus Networks Pty Ltd (“Cirrus”)
•
Cirrus recorded unaudited revenue of AU$5.9M to end of June 2014
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Cirrus customer base include; Argyle Diamonds Limited, Western Australia
Police, Roy Hill Iron Ore, LandCorp, Independence Group NL, Tronox Ltd,
Emeco Holdings Ltd, Keystart Home Loans
•
Transaction further validates Applabs investment model
Applabs Technologies Ltd (“Applabs” or the “Company”) (ASX.ALA) is pleased to announce
that Liberty Resources Limited (“Liberty”) (ASX:LBY) has signed an Option Agreement under
which it may acquire 100% of the issued capital of Cirrus Networks Pty Ltd (“Cirrus”). Cirrus’
business assists both corporations and governments to reduce costs and improve services
with respect to their Information Technology (“IT”). The option must be exercised within 3
months (unless extended by agreement of the parties).
As announced on 20th June 2014, Applabs acquired a 6.4% stake in Liberty Resources for
$250,000. The Company has been assisting Liberty Resources since its investment to
identify potential new business opportunities and we believe this successful outcome will
further reinforce the investment model that Applabs has adopted.
The transaction is subject to several conditions, including but not limited to, obtaining
regulatory approvals, shareholder approval and re-complying with Chapters 1 and 2 of the
Corporations Act.
About Cirrus
Cirrus is a Western Australian based IT solutions integrator. Cirrus has identified a number of
revenue and profit growth opportunities across Australia and Asia. Cirrus customer base
include current and potential clients, corporations and government agencies, who strive to
reduce operating costs and increase profits or services through better use of technology.
Cirrus provides and implements state of the art hardware and software systems for its
clients.
APPLABS TECHNOLOGIES LTD
SUITE 5, LEVEL 1, 12-20 RAILWAY ROAD, SUBIACO WA 6008
+61 8 9388 9968 | WWW.APPLABS.COM.AU | ACN 139 977 772
Cirrus’ rapid growth is driven by its expertise in enabling clients to do “more with less”
through innovative leading-edge technology solutions that drive efficiency and profits.
Cirrus currently has contracts in place with some of Australia’s premier companies and has a
sales pipeline in excess of AU$22 Million. Cirrus’ customers currently include Argyle
Diamonds Limited, Western Australia Police, Roy Hill Iron Ore, LandCorp, Independence
Group NL, Tronox Ltd, Emeco Holdings Ltd, and Keystart Home Loans.
Cirrus is headed by Mr. Frank Richmond. Mr. Richmond has a long history of success in the
IT Industry, has grown Cirrus rapidly and has developed plans to expand into Singapore
where it has already won business; as well as to expand into the eastern Australian markets.
Mr. Richmond relocated from the UK to Western Australia in 2011 while working for a global
technology manufacturer. Mr. Richmond commented “The market opportunity for disruptive
technology providers in Australia is huge. There is a groundswell of companies looking for
change. We saw this and came to the market with a very different offering and we got the
recipe right, judging by our rapid growth and our blue chip customer list. But it’s only the tip of
the iceberg - the market opportunity is huge and we are looking forward to a bright future.”
We will update the market with further releases regarding this transaction.
For further information, please contact:
Company Secretary:
Charly Duffy
[email protected]
Media enquiries:
Jane Morgan
+61 405 555 618
Applabs Technologies Limited
Applabs Technologies Ltd (ASX:ALA) is the first ASX listed app development and technology venture
fund company. The Company offers a unique business model of both an app developer and a
technology financer, enabling the Company to produce apps for customers as well as the ability to
fund, develop and market exciting new leading edge Apps internally.
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APPLABS TECHNOLOGIES LTD
SUITE 5, LEVEL 1, 12-20 RAILWAY ROAD, SUBIACO WA 6008
+61 8 9388 9968 | WWW.APPLABS.COM.AU | ACN 139 977 772

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