PDX (AIM:PDX), the developer of the PDX Atomiser and PDX Reactor products and technology, announces that the Company has been informed by Procter & Gamble ("P&G") that, following completion of their evaluation trials on 18 May, P&G does not intend to pursue further evaluation or development at this stage or enter into exclusive licensing discussions with PDX as the Company had envisaged under the Joint Development Agreement between PDX and P&G.
As a result of this, the Company's revenues for the year ending 30 September 2012 will be materially below the Company's earlier expectations. The Company has been undertaking a strategic review of the business and in light of the P&G decision the review will be accelerated to allow an update to be provided by the end of June 2012.
Interim CEO, Jeremy Pelczer, said: "We are obviously extremely disappointed with the decision by P&G. Although the resulting revenue shortfall will constrain growth we will continue to pursue a range of commercialisation opportunities while we conduct the strategic review."
Analyst and Investor Conference Call
There will be a conference call for analysts and investors at 9.00 a.m. on Thursday 24 May 2012, following the announcement of the interim results for the six months ended 31 March 2012.
Analysts and investors will be able to dial in using the following details:
Telephone Numbers: +44(0)20 3450 9987
Confirmation Code: 2499280
The conference call materials will be available via the company's website: www.pdx.biz
For further information please contact M:Communications
- ENDS -
+44 (0)1480 422 050
Jeremy Pelczer, Interim CEO
Richard Webster, CFO
+44 (0) 20 7920 2330
Cenkos Securities plc
+44 (0)20 7397 8924
+44 (0)20 7878 3360
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