Advanced imaging analysis company Imaging Biometrics Limited (LON:IBAI) announced on Tuesday that it has acquired 86.11% of Kirkstall Limited from investment firm Truetide plc (AIM:TRUE), with plans to acquire full ownership under existing shareholder provisions.

Kirkstall has developed Quasi Vivo, a patented interconnected cell culture flow system that replicates in vivo-like human physiological conditions for academic and pharmaceutical research.

The total consideration for the acquisition of 100% of Kirkstall is GBP170,000, equivalent to GBP0.015717 per share. Of this, GBP146,421.41 will be satisfied through the issuance of an unsecured Convertible Loan Note (CLN) to Truetide, bearing 6% annual interest and maturing on 31 December 2027. The remaining GBP23,578.59 will be subscribed for in cash by Truetide to fund payments to other Kirkstall shareholders.

The CLN may be converted into Imaging Biometrics ordinary shares at Truetide's discretion, subject to ownership limits under the UK Takeover Code. Following the transaction, Imaging Biometrics expects to leverage its market expertise to accelerate Kirkstall's international growth, particularly in the United States.

Kirkstall's QV1200 system has seen increasing sales beyond its established UK university base, positioning the company to expand its presence in global life sciences research markets.

(USD1=GBP0.75)