Resource Star shoots for cloud

Moribund explorer Resource Star is poised to join the rush into the cloud, striking a deal to likely backdoor list a technology start-up involving company promoters Craig Burton and Ross Smith.

Resource Star was put into a trading halt yesterday pending news of a transaction.

It is believed the company has bought an option to buy Cloud Lands, a new cloud computing business targeting the small to medium enterprise market.

Cloud Lands is backed by memorandums of understanding with three potential network, software and data security partners, said to be global majors Cisco, Fujitsu and Check Point.

Subject to the option being exercised, the deal would be subject to conditions, including a $3.5 million fundraising and a share consolidation by Resource Star.

Cloud Lands is owned by Mr Smith, Mr Burton and WA company director Brett Mitchell, who is involved in Mr Burton's privately owned Verona Capital.

The purchase price would include $500,000 in cash.

The West Australian

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