The acquisition by Vancouver-based QMI Seismic Inc. (CNSX:QSS) of Coquitlam-based QMI Technologies has been dissolved, QMI Technologies announced today.
Under the acquisition, announced August 2010, QMI Seismic would have acquired all of QMI Technologies’ assets, including its intellectual property.
“Due to difficulties in getting adequate funding from QMI Seismic in a timely manner and a majority share interest in QMI Seismic as originally agreed, that affiliation failed to progress and the two companies have now agreed to remain separate,” QMI Technologies announced this morning in a news release attributed to company president and CEO Raymond Wood.
Under the dissolution, QMI Technologies has agreed to refund funds advanced by QMI Seismic and to allow QMI Seismic to acquire distribution rights to Japan, Indonesia, India, Chile and Bolivia.
Currently, no agreements are in place between the companies for the marketing or distribution of QMI Technologies’ products.
The release notes that QMI Seismic has agreed to change its name “so that there is no association with the QMI name whatsoever.”
At press time, QMI Seismic’s stock was down $0.03 to a 52-week low of $0.02. The stock’s 52-week high is $0.30.
A spokesperson from QMI Technologies was not available for comment by press time.