Last checked at 19 Oct 2009 07:00
19 October 2009
21st Century Technology plc
("21st Century", "the company" or "the group")
Final payment in respect of the remaining 25% of the ordinary shares in 21st Century Crime Prevention Services Ltd ("21st Century")
Further to the announcement made on 15 April 2009, 21st Century, the vehicle installation service provider supplying public transport CCTV and other monitoring systems, today announces that it has paid the final deferred cash consideration instalment of £0.5m to the vendor of 21st Century Crime Prevention Services Ltd.
Peter Ward, Chairman of 21st Century, commented:
"Our strong cash flow in the run up to the year end has allowed us the opportunity to settle the final deferred consideration from the acquisition of 21st Century Crime Prevention Services, which was accruing interest at 7% per annum. After settling this deferred consideration our net debt is currently £0.3m, a reduction in net debt from the £0.8m reported in our interim results to 30 June 2009. This reduction was achieved through continued tight working capital management and we are aiming to maintain the positive cash flow seen to date."
For Further Information:
| 21st Century plc | Wilson Jennings, Finance Director | 020 8710 4016 |
| Hogarth Partnership Limited | Barnaby Fry | 020 7357 9477 |
| Vicky Watkins | ||
| Daniel Stewart & Co plc (Nomad) | Graham Webster | 020 7776 6550 |