Fthr re Joint Venture
08 Noviembre 2001 - 6:12AM
UK Regulatory
RNS Number:8360M
High-Point Rendel Group PLC
8 November 2001
High-Point Rendel Group plc
HIGH-POINT RENDEL FORMS JOINT VENTURE
COMPANY OFFERING ULTRA-HIGH-AVAILABILITY
POWER TO INTERNATIONAL MARKETS
Further to its interim statement of April 2001 High-Point Rendel Group Plc
("HPR"), the international business, management and technology consultancy, is
pleased to announce that it has entered into a series of detailed transaction
agreements with the US based Sure Power Corporation Inc. ("Sure Power"). Under
the agreements, a joint venture company has been formed between Sure Power and
HPR which has exclusive rights to market and sell Sure Power Corporation's
ultra reliable on-site electricity generation systems to the international
market outside North and South America.
Some salient points of these agreements are:
(a) the joint venture company will be called Sure Power International LLC. Its
first subsidiary, Sure Power International (UK) Limited has been formed and
is based in Bristol. Other subsidiaries will be formed to respond to demand
in targeted locations;
(b) the equity interests in the joint venture company are 52% for Sure Power
and 48% for HPR and net distributable cash is to be allocated 50% to Sure
Power and 50% to HPR.
(c) The joint venture provides for a target revenue to be achieved during the
initial 6 year period beginning January 2001. If the joint venture company
achieves this target the joint venture will continue. Sure Power has the
option to purchase HPR's interest in the joint venture if the target is not
achieved.
(d) In addition to its equity interest in the joint venture company, HPR will
receive as a marketing fee a cash commission on the actual gross revenue of
the joint venture company and obtain rights to exercise a warrant to
purchase and register up to a maximum of 5,760,000 shares of Sure Power
Corporation common stock. The actual number of shares will be calculated by
reference to the actual gross revenues of the joint venture company in the
initial 6 year period.
Commenting on the details, Kelvin Hingley, Chief Executive said,
" There is significant interest in the Sure Power's ultra reliable generation
systems and a number of enquiries have been received. This agreement cements a
base for Sure Power's future as a commercial product. Because of the lead-time
associated with capital asset programmes coupled with the introduction of new
technology into the market it is not possible to predict, at this stage, the
timing of any orders.
" We remain confident that the future for computer grade ultra reliable on
site electricity generation systems is very promising. Our early investment in
this exciting and potentially lucrative field will give High-Point a valuable
lead in this market."
ends -
Date: 8 November, 2001
For further information contact:
High Point Rendel Group plc City Profile
Kelvin Hingley, Chief Executive Ed Senior
Bill Trendell, Finance Director Simon Courtenay
020-7928-8999 020-7448-3244
edward.senior@city-profile.com
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