TIDMAMP
RNS Number : 5964Q
Amphion Innovations PLC
16 October 2013
Amphion Innovations plc
Amphion Partner Company, Kromek, Announces First Day of Dealings
on AIM
London and New York, 16 October 2013- Amphion Innovations plc
(LSE: AMP) ("Amphion" or the "Company"), the developer of medical
and technology businesses, is pleased to announce that Kromek Group
plc ("Kromek" or the "Group"), who designs, develops, and produces
x-ray imaging and radiation detection products using its core CZT
technology for the medical, security screening, and nuclear markets
has announced that its shares will today be admitted to trading on
AIM under the ticker symbol KMK.
Kromek has raised GBP15 million before expenses through the sale
of new ordinary shares at a price of 51 pence per share in an
oversubscribed fundraising. At admission, the Company will have a
total of 107,607,335 ordinary shares in issue.
After the placing, Amphion holds an 11.6% equity stake in
Kromek.
Richard Morgan, Chief Executive Officer of Amphion and Chairman
of Kromek, said: "We are pleased Kromek has completed a successful
listing on AIM and has raised the capital required to support its
commercial targets. This is an exciting point in Kromek's
development as it has substantial opportunities for growth. The
listing and new capital will be important in securing further
contracts for its leading technology in the medical imaging,
security screening, and nuclear detection markets."
For further information on Amphion please contact:
Amphion Innovations +1 212 210 6224
Charlie Morgan
Novella Communications +44 (0)20 3151 7008
Tim Robertson
Panmure Gordon +44 (0)20 7866 2500
As Nominated Adviser and Broker
Corporate Finance: Fred Walsh/ Freddy Crossley/ Grishma
Patel
Broking: Adam Pollock/ Charlie Leigh-Pemberton
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, NEW ZEALAND,
THE REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN. ANY
FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A
VIOLATION OF THE SECURITIES LAWS OF THE UNITED STATES, CANADA,
AUSTRALIA, NEW ZEALAND, THE REPUBLIC OF IRELAND, THE REPUBLIC OF
SOUTH AFRICA OR JAPAN.
This document does not constitute an offer to sell or
solicitation to buy securities in the United States. Shares of
Kromek may not be offered or sold in the United States without
being registered under the United States Securities Act of 1933, as
amended ("U.S. Securities Act") or based on an available exemption
from such registration. The securities mentioned herein have not
been and will not be registered under the U.S. Securities Act and
no public offering of shares is being or will be made in the United
States.
This communication is directed only at (i) persons who have
professional experience in matters relating to investments falling
within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 ("Order") (investment
professionals) or (ii) persons falling within Article 49(2)(a) to
(d) of the Order (high net worth companies, unincorporated
associations etc) (all such persons referred to above being
"Relevant Persons"). Any investment activity to which this
communication relates will only be available to and will only be
engaged with Relevant Persons.
Kromek Group Plc
("Kromek" or "the Company" or "the Group")
Admission and First Day of Dealings on AIM
Kromek Group Plc (AIM: KMK), a UK based technology company,
developing high performance materials and products for radiation
detection, is pleased to announce that its shares will today be
admitted to trading on AIM.
The Company has raised GBP15 million before expenses through the
sale of new ordinary shares at a price of 51 pence per share in an
oversubscribed fundraising. At admission, the Company will have a
total of 107,607,335 ordinary shares in issue.
The proceeds of the fundraising will be used for product
development, expansion of the sales and marketing team, investment
into the Company's intellectual property portfolio, capital
expenditure to support future growth and manufacturing capability,
working capital and strengthening the balance sheet, including
paying down outstanding loans.
Highlights:
-- Kromek designs, develops and produces x-ray imaging and
radiation detection products using its core cadmium zinc telluride
("CZT") technology for the medical, security screening and nuclear
markets. The Group's CZT based products provide high resolution
information on material composition and structure and are used in
multiple applications, ranging from the identification of cancerous
tissues to hazardous materials, such as explosives, and the
analysis of radioactive materials.
-- The group has three different methods of manufacturing CZT -
the two established liquid based techniques and a patented vapour
phase growth technique. The Directors believe that it is the only
vapour based method developed worldwide for production of CZT and
Kromek is the world's only multi-site, multi-process CZT developer
and supplier.
-- The Group's business model provides a vertically integrated
technology offering to customers, from the growth of CZT crystals
to finished products or detectors, including software, electronics
and application specific integrated circuits ("ASICs").
-- Customers include some of the world's most well-known
original equipment manufacturers ("OEMs") and research institutions
within the medical, security screening and nuclear markets.
-- The Group has recently entered into a mutually exclusive
multi-year development contract with one of the top four global
OEMs within medical imaging for spectral CT application.
-- Kromek Group currently provides a liquid explosive detection
system for airport security. The "Identifier", which is a Type-B
certified and ECAC Standard 3 qualified bottle scanner, EU
legislation (EU Regulation 246/2013) mandating all European
airports to screen liquids, aerosols and gels ("LAGs") presented at
airport security with EC approved equipment, effective from 31
January 2014.
-- With over 25 years of research in CZT production, the Group
holds more than 180 patents granted or pending across its
technology and product portfolio in addition to a significant
number of trade secrets which the Directors believe are
unparalleled in the market place.
Arnab Basu, CEO, commented: "We are delighted with our
oversubscribed fundraising. After many years developing the
business and our technology, Kromek is ready to begin harvesting
value by seizing the opportunities to sell our technology and
products into the medical imaging, security screening and nuclear
detection markets.
He added, "With the proceeds of the IPO, we will invest in the
company's IP portfolio and manufacturing capabilities, whilst
accelerating our commercial activities in our chosen markets. We
will continue to develop relationships with some of the world
leading companies in our target sectors. We welcome our new
shareholders and I look forward to working with them in order to
achieve Kromek's full potential."
For further information and to download the Company's Admission
Document please visit www.kromek.com
Kromek Group Plc Tel: 01740 626060
Arnab Basu, CEO
Derek Bulmer, CFO
Panmure Gordon Tel: 020 7886 2500
As Nominated Adviser and Broker
Investment Banking
Fred Walsh / Freddy Crossley / Grishma
Patel
Corporate Broking
Adam Pollock / Charles Leigh-Pemberton
Tavistock Communications Tel: 020 7920 3150
John West / Matt Ridsdale / Andrew Dunn
Notes to Editors:
Kromek was incorporated in April 2003 in order to commercialise
technology related to the development and manufacture of CZT and
related materials which had been developed over a period of
approximately 20 years in the Physics Department of Durham
University, UK. In March 2004, the Company was awarded a Department
of Trade and Industry SMART funding award for the construction of
the first commercial crystal growth facility, and since then the
Group has also been awarded the O2 Technology & Innovation
Company of the year in 2006, 2007 and 2008; the IET Awards
Innovation winner in 2008; the Global Security Challenge Security
SME winner in 2009; and Arnab Basu, Group CEO, has been awarded the
Ernst & Young UK Young Entrepreneur of the Year Award in
2009.
The Group's strategy towards product development has been to
take a project based approach, investing in specific areas where it
has recognised a strong business opportunity for the deployment of
its technology. Using its core CZT technology Kromek designs,
develops and produces x-ray imaging and radiation detection
products for the medical, security screening and nuclear
markets.
Kromek has a portfolio of at least 70 granted patents and 110
pending applications. The Group's products provide high resolution
information on material composition and structure and are used in
multiple applications, ranging from the identification of cancerous
tissues to hazardous materials, such as explosives, and the
analysis of radioactive materials.
As part of the Group's strategy to provide a vertically
integrated technology offering, the Company acquired NOVA in June
2010 and eV Products in February 2013, both well established
businesses based in the United States. California-based NOVA
specialises in custom research and design, development,
manufacturing, testing and marketing of ASICs and electronics for
OEM components. Pennsylvania-based eV Products is a leading
manufacturer of CZT-based detector technology, with its own IP
portfolio as well as detailed know-how and existing customer
relationships. eV Products develops and manufactures solid-state
room temperature x-ray and gamma-ray detectors based on CZT. eV was
acquired by Kromek to complement the Group's IP, design and product
development capabilities, strengthen its presence in key markets,
and provide a permanent, physical presence in the USA, a
strategically important market for the Group's business.
Forward--looking statements
Certain statements contained herein are forward looking
statements and are based on current expectations, estimates and
projections about the potential returns of the Group and industry
and markets in which the Group will operate, the directors' beliefs
and assumptions made by the directors. Words such as "expects",
"anticipates", "should", "intends", "plans", "believes", "seeks",
"estimates", "projects", "pipeline" and variations of such words
and similar expressions are intended to identify such forward
looking statements and expectations. These statements are not
guarantees of future performance or the ability to identify and
consummate investments and involve certain risks, uncertainties,
outcomes of negotiations and due diligence and assumptions that are
difficult to predict, qualify or quantify. Therefore, actual
outcomes and results may differ materially from what is expressed
in such forward looking statements or expectations. Among the
factors that could cause actual results to differ materially are:
the general economic climate, competition, interest rate levels,
loss of key personnel, the result of legal and commercial due
diligence, the availability of financing on acceptable terms and
changes in the legal or regulatory environment.
Disclaimer
This announcement has been prepared by Kromek Group Plc and is
the sole responsibility of Kromek Group Plc. No liability
whatsoever (whether in negligence or otherwise) arising directly or
indirectly from the use of this announcement is accepted and no
representation, warranty or undertaking, express or implied, is or
will be made by Kromek Group Plc or Panmure Gordon (UK) Limited or
any of their respective directors, officers, employees, advisers,
representatives or other agents for any information or any of the
opinions contained herein or for any errors, omissions or
misstatements.
Any investment decision must be made solely on the basis of the
admission document dated 10 October 2013 and any supplement thereto
in connection with the admission of the ordinary share capital of
Kromek Group Plc to trading on AIM.
The merits or suitability of any securities must be
independently determined by the recipient on the basis of its own
investigation and evaluation of Kromek Group Plc. Any such
determination should involve, among other things, an assessment of
the legal, tax, accounting, financial and other related aspects of
the securities. Recipients of this announcement are recommended to
seek their own independent legal, tax, financial and other advice
and should rely solely on their own judgement, review and analysis
in evaluating Kromek Group Plc and its securities.
Panmure Gordon (UK) Limited, which is authorised and regulated
in the United Kingdom by the Financial Conduct Authority, is acting
exclusively as nominated adviser and broker to Kromek Group Plc and
no one else in connection with the Placing and will not be
responsible to anyone other than Kromek Group Plc for providing the
protections afforded to customers of Panmure Gordon (UK) Limited or
for providing advice in relation to the Placing.
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
END
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