Canada-based communications technology company Avotus Corp. said Thursday it has acquired 49 percent of Applied Research Technologies of Salt Lake City.
Avotus, based in Toronto, said it also has an exclusive option to buy the remaining 51 percent anytime before June 2005.
Terms of the transaction were not disclosed.
To facilitate the transaction, Jefferson Partners provided Avotus with a secured loan of $2 million (Canadian), repayable by January 2007. Jefferson will be issued up to 664,000 Avotus common shares, payable in semi-annual installments. As of June 30, Jefferson Partners owned 62.4 percent of the issued and outstanding capital of Avotus.