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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Zenova Group PLC - Essex-based fire safety and thermal insulation products provider - Books GBP800,000 order from its sub-distributor for Spain and Germany, Clastrom, for initial 40,000 units of its FX500 aerosol fire extinguisher. Says first delivery of 10,000 units will be supplied by July 15. Notes that strategy of appointing sub-distributors is "demonstrating its worth". Chief Executive Tony Crawley says: "Following the production in the UK it is very encouraging that our sub-distributor has ordered in quantity for its customers in Germany and is now selling our products in that region with a confirmed order of 40,000 units due to be delivered before the end of 2023. This is a clear indication that our quality product is being recognised and the need for such a product to improve fire safety. We anticipate increasing production and sales via our expanding sub distributor network as we grow the Zenova Brand internationally with its quality tested products."
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Seeing Machines Ltd - Advanced computer vision technology company - Signs exclusive deal with Raytheon Technologies-owned Collins Aerospace to develop AI-powered eye tracking solutions for the aviation industry. Says Collins will pay USD3 million, with an additional USD7 million payable over the following two years. Says deal builds on the current collaboration between the two companies.
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Mkango Resources Ltd - Vancouver-based mineral exploration and development company - Says it will increase interest is HyProMag Ltd to 100% from 42% for a cash and share consideration. Adds that it will pay GBP1 million in cash, and issue 9.7 million new shares, equivalent to GBP1 million. Says up to a further GBP3 million may be payable in four tranches, conditional on HyProMag reaching certain production milestones in the period to June 30, 2026. Chief Executive William Dawes said: "Since acquiring our initial interest in HyProMag in 2020, we have seen the company go from strength to strength, de-risking and further scaling-up the patented HPMS rare earth magnet recycling technology, building the team and developing further industry partnerships, all against the backdrop of growing interest in recycling and sustainable rare earth supply chains. We look forward to working closely with the HyProMag team as we continue to support the growth of the business".
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By Harvey Dorset, Alliance News reporter
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