QRSciences (ASX: QRS) has completed the planned acquisition of Diversified Opportunities Incorporated and is making the initial investment required to complete more acquisitions in the future.
The company recently purchased 9 million shares in Diversified, or 98 percent of the company. The total price paid was $676,000.
QRSciences also recently extended the convertible note it has issued to Spectrum by a further one third, to $600,000. Upon conversion, this will translate into QRSciences owning nearly a third of Spectrum.
The company also announced they have renegotiated their Option Purchase Agreement with BTG International, reducing the potential acquisition cost by over $7 million.
QRSciences are designers of systems, components and software for security related appliances.