MELBOURNE, Australia , May 22 /PRNewswire-FirstCall/ -- QRSciences Holdings Limited, a leading developer of security technology products for governments and commercial clients worldwide with offices in Melbourne and San Diego , said today that it has agreed to acquire substantially all of the common shares of Diversified Opportunities, Inc, a US corporation whose shares trade on the Electronic Bulletin Board under the ticker symbol "DVOP." Diversified Opportunities filed a 14F-1 notice with the United States Securities & Exchange Commission on May 19, 2008 to that effect. QRSciences shares trade on the Australian Stock Exchange under the ticker symbol "QRS," and in the US as an ADR under the symbol "QRSNY."
Kevin Russeth , Managing Director of QRSciences, said that the Company expects to merge into Diversified Opportunities certain of its proprietary technology assets. He said the Company believes that allowing its principal technology subsidiary to trade separately in the United States will be in the best interests of the shareholders, financial partners and customers.
The stock purchase agreement provides for the purchase by QRSciences of
all Diversified Opportunities 9,000,000 shares of common stock, which shares
represent approximately 98% of the 9,199,221 shares of common stock
outstanding as of the date of the purchase agreement, in exchange for the
QRSciences Holdings Limited is based in Melbourne , Victoria with offices in Perth , Western Australia and San Diego, California . Its wholly owned distribution business Q Video Systems is based in Port Melbourne, Australia . The primary commercial focus of the company is the design, development and sale of advanced technology systems, sub-systems, components and software for security related applications. Applications for its technologies and products include the detection of explosives and narcotics, metal detection and imaging, surveillance and monitoring.
SOURCE QRSciences Holdings Limited