APC has agreed the sale of its water hygiene and treatment division to Integrated Water Services Ltd (IWS) for a total of £1.8m.
IWS is a subsidiary of South Staffordshire Plc.
The total price comprised £0.8m in cash consideration payable to APC, and £1m in respect of the settlement of amounts outstanding under the invoice finance facility provided by ABN Commercial Finance.
In addition the transaction has allowed APC to dispose of £0.65m of future liabilities under operating leases, halve the Company's headcount and significantly reduce fixed costs.
At 11:00am: (LON:APC) APC Technology Group PLC share price was -0.13p at 7.88p