• Verbrec signs agreement to sell Competency Training to RelyOn for $11.5 million up-front cash
• Sale will strengthen Verbrec's balance sheet and allow investment in organic growth and bolt-on acquisitions
• Competency Training will continue to thrive as part of RelyOn's global training enterprise

Verbrec Limited (ASX: VBC) has announced the signing of an agreement to sell 100% of the shares in Competency Training Pty Ltd to RelyOn Australia Pty Ltd for $11.5 million up-front cash consideration. Competency Training is Verbrec's registered training organization, offering a range of accredited and non-accredited courses primarily in the hazardous areas and high voltage space. The transaction is subject to several conditions precedent, including approval by the Foreign Investment Review Board (FIRB). Upon completion, all staff, training facilities and equipment of Competency Training will transfer to RelyOn, a leading global training services provider. For Verbrec, the sale will allow the company to further strengthen its balance sheet and focus on its core engineering, asset management, and operations & maintenance capabilities. The resulting funds will enable Verbrec to invest in organic growth opportunities and pursue bolt-on acquisitions that support the company's purpose of 'enabling a sustainable future for our Clients and their Customers.' The Board and executive management of Verbrec have congratulated the Competency Training team on building a strong and reputable business, and are confident they will continue to thrive as part of RelyOn's global training enterprise.

The sale of Competency Training will allow Verbrec to further strengthen its balance sheet and invest in organic growth opportunities and bolt-on acquisitions that support the company's purpose of 'enabling a sustainable future for our Clients and their Customers.'