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West Perth based explorer Drake Resources is now about to officially become a technology company after completing extensive due diligence on Israeli based cyber security firm Genome Technology Ltd. Both Drake and Genome have completed their respective due diligence programs and a reverse takeover of Genome by Drake will now occur.

An ill-considered, ill-advised and poorly executed plan to replace the Directors of Drake Resources failed to even secure the votes of the people that proposed it this week. A motion to roll the Drake board garnered just 3,333,666 out of the 432,477,198 votes cast. Neither the proponents or the proposed new directors attended the meeting to argue their case.

West Perth based Drake Resources has made the popular leap from mining to technology with the acquisition of Israeli based cyber security firm Genome Technologies that boasts a unique proprietary algorithm that “profiles” client company employees in order to assess their cyber security risk. The deal is worth around $11m and Drake says the cyber security market will grow to $177b in 5 years.