PROVENTEC : Acquisition of CryoJet Industrial Services B.V.
Proventec Plc (AIM:PROV, Alternext:ALTPC), the provider of specialist steam cleaning and coatings technologies, is pleased to announce the acquisition of a 60 per cent. equity stake in CryoJet Industrial Services B.V. ("CryoJet"), a leading provider of cryogenic cleaning equipment and related services.
Based in Rotterdam in the Netherlands, CryoJet provides specialised, extremely low temperature (cryogene CO2) industrial cleaning services using proprietary dry-ice technology. Cryogenic cleaning is a completely dry and non-abrasive process that does not leave residue, making it particularly valuable in the food, petrochemical and energy industries. CryoJet's unique service addresses complex problems related to hygiene and emergency, safety and maintenance issues. CryoJet already works with major international companies such as Royal Dutch Shell, ExxonMobil, Q8, E-On, Essent, AkzoNobel and Quality Bakers.
CryoJet is expected to turnover approximately €1.5 million for the year ending 31 December 2008. CryoJet's services are presently only offered in the Netherlands but, through Proventec, the intention is to expand its services internationally. Significant synergies and international commercial opportunities are expected with the existing steam cleaning and coating activities of Proventec.
The residual 40 per cent. minority stake of CryoJet will remain owned by its founder and CEO, Harry Leenman. Post acquisition Mr Leenman will continue as Managing Director of CryoJet and will become a part of Proventec's management team for developing the Company's international industrial strategy. The acquisition has been entirely paid from the existing cash reserves and by issuing 224,506 new Ordinary Shares in Proventec. These shares are subject to a two year lock-in.
David Chestnutt, Chief Executive of Proventec, said: "We are creating two distinct but complementary divisions within the Company; Proventec Healthcare and Proventec Industrial. With our controlling stake in CryoJet we will be able to access a proprietary, successful and profitable new technology and an impressive new blue-chip industrial customer base. This provides an exciting addition to Proventec's portfolio of technologies and services. For CryoJet the combination will provide a broad geographic network as well as additional resources. Moreover, with Mr Leenman's experience and background, we continue to strengthen our own management team for the benefit of our shareholders."- Ends -
For further information, please contact:
|David Chestnutt, Chief Executive||Tel: + 44 (0) 151 706 0626|
|Seymour Pierce Limited|
|Paul Davies, Corporate Finance||Tel: + 44 (0) 20 7107 8031|
|Henry Harrison-Topham||Tel: +44 (0) 20 7398 7702|
www.proventecplc.com and actusnews.fr.
Proventec plc manages a complementary portfolio of integrated businesses that specialize in hygienic solutions and preventative coatings technologies. Headquartered in Liverpool, the Company operates in global markets, pioneering developments within the healthcare, food manufacturing, hospitality industries, transportation, construction and other sectors.
Proventec provides steam cleaning equipment for the UK's National Health Service (NHS).
The Company's hygienic solutions division includes OspreyDeepClean, the world's leading provider of chemical-free specialist dry saturated steal cleaning technology,which has been successfully proven in trials with University College London Hospitals to combat the spread of common bacteria and healthcare associated infections such as MRSA and Clostridium difficile. ISIN Code : GB00B2R1Q018 - MNEMO : ALPTC
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