Found this old reference to Vysarn and Hutchinson, Does anyone...

Found this old reference to Vysarn and Hutchinson, Does anyone know anymore about its previous incarnation. I t may give hints to the future.

A.I. LIMITED: Incurs Acquisition Loss of More Than $3.5M
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AiLimited advises that Mr Peter Hutchinson has resigned his
position as Managing Director of the Company. Mr Hutchinson
continues in his role as a non-executive Director. The Company's
Chairman, Mr Stephen Young, has assumed the role of Executive
Chairman.

Further to previous advice that the Company was undertaking a
due diligence programmed with a view to acquiring Precision
Components Australia Pty Ltd, the Company now advises that it no
longer intends to pursue this acquisition.

This decision has been taken for strategic reasons as
aiAutomotive Pty Ltd and Precision Components Australia Pty Ltd
have significant growth opportunities available to them within
the coming year. It has been decided that aiLimited should at
this time dedicate its resources to take advantage of these
immediate opportunities and to maximize the profitability
available from internal growth in both sales and productivity
within its Automotive division.

Shareholders will be aware that aiLimited acquired the assets of
Webb Construction (WA) Pty Ltd from Vysarn Pty Ltd in January
2001. The consideration paid for the assets and goodwill was
$2.4 million, through the issue of 16 million shares to Vysarn
Pty Ltd together with 3 million unlisted 5 year options with an
exercise price of 30 cents. Following the acquisition, Webb
Construction incurred losses in the order of $0.3 million for
the period ended 30 June 2001 and further losses in the order of
$2.0 million for the year ended 30 June 2002. In addition,
aiLimited wrote off goodwill associated with the Webb
Construction acquisition of $1.4 million as at 30 June 2002.

In total, the losses incurred by aiLimited on account of the
Webb Construction acquisition to 30 June 2002 exceed $3.5
million.

The directors not associated with the vendor believe that
aiLimited has a claim against Vysarn Pty Ltd. Over recent months
approaches have been made to Vysarn Pty Ltd to resolve this
claim on a commercial basis. These initiatives have been
rejected. The Company also sought to refer the matter by
agreement to arbitration. However this alternative has also not
been accepted by Vysarn Pty Ltd.

In these circumstances the Company has instructed its solicitors
to prepare a claim against Vysarn Pty Ltd.