nanosynth group PLC - Nottingham, England-based digital monitoring and safeguarding systems manufacturer formerly known as Remote Monitored Systems - Says Virosynth joint venture partner Volz Holdings has agreed to convert its production line to have the capability to include nanosynth's alphaviron layer included as standard across Volz's product range. This will benefit the JV as Volz is not only a heating, ventilation, and air conditioning provider, but also a HVAC filter provider.
"Virosynth will end up with its first client, with leading edge advantage in the marketplace and a great reference point for others to see and follow due to the benefits Virosynth can deliver for the HVAC market and the reputation Volz holds in the market," the company said.
To cover the considerable cost of converting Volz's production line, nanosynth will provide GBP500,000 of warrants of 50 million shares to Voltz, exercisable at 1 pence for a period of three years. The price is a 29% premium to nanosynth's closing mid-market share price on Tuesday. This will be in lieu of a cash injection into Virosynth from nanosynth.
Current stock price: 0.83 pence, up 7.6% on Thursday
12-month change: down 71%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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