QRSciences sells non-core US subsidiary for $215k
- 23 March, 2010 15:43
Security technology developer QRSciences Holdings (ASX:QRS) has announced that it has sold its 97% stake in former subsidiary Diversified Opportunities to a US investment group for $215,000.
QRSciences is in the process of divesting its non-core and non-revenue producing units as part of a plan to stimulate the growth of the business.
The sale has boosted the company’s cash reserves to over $6.5 million.
“The company has never been in better shape to exploit any opportunities as they arise,” QRSciences CEO Richard Stokes said.