BOS update on suspension and Hostisme IP sale

BOS GLOBAL says it now expects to publish the annual accounts for Forte Energy NL for the period to 30 June on or before 11 January. Trading in the company's shares on AIM will remain suspended until the accounts have been published.

The company also issued an update on the sale of Hostisme Intellectual Property, a non-core asset.

The company says it completed the IP assignment of its Hostisme hospitality software prototype which is non-core to the company's activities on 30 December.

As part of the completion, the company received the initial consideration of US$10,000 on 30 December. In addition to the initial consideration, the company is entitled to 5% of each year's EBITDA.

After the sale, the company signed a 12-month software development contract for its India Software Development Centre and received in advance US$9,000 on 30 December for services to be delivered in January. The minimum contract value for such software development services is US$120,000.

The company's focus continues to be its BOS360 Work Patterns system of software products and related services. The company's objective is to achieve operating profitability during 2017, remain debt free and retain a surplus cash reserve to enable acquisition opportunities to be pursued.