Feb. 4, 2010
Cambridge Financial Partners secures funding and reverse takeover for Qonnectis PLC
Cambridge Financial Partners LLP (CFP), acting as CEO/CFO of AIM listed Qonnectis PLC has secured bridge funding and anticipates completing a reverse takeover deal with US company, American Leak Detection, Inc (ALD) in the near term.
CFP has been a tenant of the St John's Innovation Centre since early 2009.
CFP partner Barbara Spurrier was appointed as Qonnectis’ CFO in October 2008 and Interim CEO in March 2009 with the challenge of ensuring the UK cleantech company’s long term survival and growth.
CFP’s proactive pursuit of funding for Qonnectis resulted in a merger opportunity in the form of interest from ALD, a large U.S. based company who were impressed by the transition that CFP had effected on Qonnectis’s financial and business strategy.
On 11th January 2010 Qonnectis announced that negotiations between themselves and ALD had resulted in fundraising of £395,000 and the appointment of Patrick DeSouza (Chairman of ALD) and Stanford Berenbaum (Chief Executive Officer of ALD) as Non-Executive Directors in anticipation of a proposed reverse takeover by ALD.
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