Sabien Technology Group plc (AIM: SNT), the manufacturer and supplier of M2G, an energy efficiency technology, is pleased to announce that it has received an order for £125,000 from its US distributor Greffen Systems, Inc. ("Greffen") for the supply of M2G units.
Greffen is a subsidiary of SE Global S.A. which has a holding of 12.4% of Sabien's issued share capital and as such, under the AIM Rules, the sale is deemed to be a related party transaction. The sale to Greffen is an ordinary course transaction of a revenue nature and has been carried out on normal, arms-length, commercial terms. The Directors consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as the shareholders of Sabien are concerned.
Alan O'Brien, Chief Executive of Sabien, commented:
"I am pleased that Greffen Systems is beginning to see their sales pipeline deliver for them. The USA, in time, will become a key territory for Sabien and I look forward to updating the market on the positive progress Greffen is making with M2G in the USA in due course.
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