Microskin plc (GXG:MSKN) (the "Company") is pleased to announce that it has recently completed the acquisition of Mobilespectra Pty Ltd in consideration of the issue of 5,325,279 ordinary shares in the capital of the Company. The authority to allot these shares was unanimously approved by the shareholders voting at the recent General Meeting of the Company.
Prior to the application of Microskin, the patients skin colour must be analysed so that Microskin can be custom developed to match the users natural skin tone. This matching process is presently being undertaken in clinics using expensive equipment and software supplied by a third party. Patient records (including colour matching information) are subsequently uploaded to the central Microskin (TM) database available for all future patient product orders
By acquiring Mobilespectra, Microskin will benefit significantly through use of their colour matching software application (which is designed for use on a smart phone). Not only will the app be used in clinics to replace the existing third party software and equipment, but it can also be downloaded via the internet and used directly by the consumer to accurately determine their own individual skin tone. Following completion of successful trialling which is already underway, acquisition of ownership rights and official launch of the software, Microskin customers will no longer be required to physically visit an approved Microskin clinic in order to be colour assessed.
It is expected that the acquisition will significantly expand the potential accessible market of Microskin(TM) particularly in the online retail market.
The Company can also confirm that 112,990 shares were recently surrendered by mutual consent and are currently held by the Company.
As a result, there are currently 14,362,965 ordinary shares in issue in the capital of the Company, 112,990 of which are held by the Company and are nil paid.