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LBT Innovations to Obtain Full Ownership of CCS Joint Venture


Adelaide, Australia, 29 December 2021: Australian medical technology company LBT Innovations Limited (ASX: LBT) (LBT or the Company), a leader in medical technology automation using artificial intelligence, has signed a binding agreement to acquire Hettich Holding Beteiligungs-und Verwaltungs-GmbH’s (Hettich) 50% shareholding of its Clever Culture Systems joint venture (CCS). Following the acquisition, CCS will become a fully owned subsidiary of LBT with no outstanding debt owing to Hettich.

Key Points:

• Binding agreement signed to purchase Hettich’s 50% shareholding of CCS and Shareholder loans
• A$4.0m total consideration: A$1.0m Cash, 30.66m Shares and 8.0m Options at 25c
• LBT will assume 100% ownership of CCS, Hettich remain invested in APAS® through LBT shares
• LBT revenue for each APAS® instrument increases by 66%, reducing the time to expected cash breakeven
• Investor webinar: 12 January 2022, 9.00am AEST

LBT has signed a Share and Loan Assignment Deed to acquire the 50% shareholding of its joint venture company CCS from Hettich for a total consideration of A$4.0m payable in cash, newly issued LBT Shares and LBT Options. The acquisition establishes CCS as a fully owned subsidiary of LBT. Following acquisition, LBT will have no outstanding debt to Hettich. LBT will have complete operational control of CCS for the commercialisation of LBT’s novel APAS® technology.

CCS was established in 2013 to fund the development and commercialisation of LBT’s APAS® technology. Since then, there has been significant investment to complete the development of the APAS® Independence instrument and launch the product for sale globally. With several key milestones achieved in the last 12 months, including the appointment of channel partners for sale of the instrument in the EU and US, the Company believe this is the opportune time to acquire 100% ownership of the CCS joint venture. All key contracts will remain active, with no change of control provisions triggered as a result of the transaction.

For more information, download the attached PDF.

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