Scott Technology sells HTS-110 business division

31 August 2021 - Scott Technology Limited (NZX: SCT) has today announced the sale of its HTS-110 business and undertakings to a Limited Partnership comprised of New Zealand investment fund, Booster Tahi LP; VC fund, Matu and Donald Pooke, CEO of HTS-110. The sale does not include a share purchase. A progression of the Scott 2025 strategy, the sale of the Wellington-based operation enables Scott to focus on targeted sectors, free up management time and inject capital back into organic growth areas. Scott Technology CEO, John Kippenberger says, "As global demand for automation continues to grow strongly, the key priority for our team is to remain focused and committed to our core areas of proven expertise." "We are pleased to successfully execute our plan to sell HTS-110, while passing the business division on to worthy custodians with a long-term focus and a team with strong pedigree in the science and technology environment." Under the new Limited Partnership company, Donald Pooke will remain as CEO and staff will retain employment. Booster Managing Director, Allan Yeo commented: "We're pleased to add HTS-110 to our portfolio. We established Tahi to connect New Zealanders with investments in successful Kiwi companies, and this investment is a unique opportunity for our investors to be part of the future growth story that HTS-110 represents." -ENDS- End CA:00378284 For:SCT Type:TRANSACT Time:2021-08-31 12:52:00