SINGAPORE (Nov 5): Procurri Corporation, which trades used IT equipment, has received an unsolicited, nonbinding Letter of Intent from a third party to acquire some of the assets of its business.
No definitive agreements have been entered into and there is no certainty that the deal will go through, said the company in an SGX announcement on Nov 5.
“Shareholders should note that the Board is still formulating a response with respect to the possible transaction,” said chairman and CEO Sean Murphy.
The company’s previous controlling shareholder was another IT company DeClout, which has been delisted.
On Nov 4, the company reported earnings of $1.1 million for the three months ended Sept 30, down 23.4% y-o-y. Revenue in the same period was flat at $55.8 million.
For the nine months ended Sept 30, earnings was up 13.6% y-o-y to $4.2 million, even though revenue was down 2.1% y-o-y to $164.6 million.
Year to date, Procurri shares have gained by 32%. It last traded at 37 cents earlier this morning, down 3.9%, before a trading halt was called ahead of the announcement.
