Last checked at 25 Jun 2010 07:05
25 June 2010
AIM:CINP
CINPART PLC
('Cinpart' or the 'Company')
Memorandum of Understanding
with
County Executives of America
Cinpart plc (AIM:CINP), is delighted to announce that Active Energy Limited ("Active Energy"), its subsidiary company, has signed a Memorandum of Understanding ("MoU") with County Executives of America ("County Executives"), which represents county leaders across 700 counties in the USA, acting on behalf of 48 per cent. of the US population.
Significantly, the MoU sets out terms for County Executives to support the development of Active Energy's presence in the USA. This includes promoting Active Energy both at a senior level in Washington DC, from Congress up to the White House, and to county authorities nationwide.
Active Energy provides voltage optimisation technology which can reduce the energy consumption and CO₂ emissions of commercial buildings by up to 20 per cent., with average savings of 12 per cent. Under the terms of the MoU, County Executives will work with Active Energy in order to secure sales with county authority owned public facilities such as prisons, schools and hospitals which could benefit from the technology. In addition, the MoU includes the facilitation of potential partnerships with specific utility companies.
In order to support its expansion in the USA, the Company is also considering establishing a US based assembly facility. This would provide the necessary additional capacity to service demand in a cost effective location. Active Energy has already worked with County Executives to identify a suitable location and in accordance with the MoU, County Executives would offer further assistance in setting up a facility, in particular with accessing grants and financial incentives.
Kevin Baker, Chief Executive of Cinpart, commented:
"The MoU with County Executives of America represents significant progress in our ambition to establish Active Energy's technology in the USA. We have been working with the organisation to build awareness of our technology amongst both commercial and governmental bodies. With the support of County Executives, we now look forward to expanding on the initial interest generated in order to take advantage of the considerable opportunities available in the US."
Enquiries:
| Cinpart Plc |
|
| Kevin Baker, Chief Executive Christopher Foster, Executive Director
| Tel: 020 3176 3033 Tel: 020 3176 3031
|
| Merchant John East Securities Ltd (Nominated Adviser) |
|
| John East/Simon Clements | Tel: 020 7628 2200
|
| Jendens Securities Ltd (Joint Broker) |
|
| Kim Richardson
| Tel: 020 7266 2152 |
| Rivington Street Corporate Finance Ltd (Joint Broker) |
|
| Peter Greensmith
| Tel: 020 7562 3370 |
| Biddicks (Financial PR) |
|
| Sophie Lane/ Zoë Biddick | Tel: 020 7448 1000 |
About Cinpart
Cinpart plc (AIM: CINP) is a holding company that owns 72.2 percent of Active Energy Limited. Active Energy manufactures and supplies the VoltageMaster, a device that can reduce electricity consumption in commercial buildings by up to 20 percent.
Other wholly owned subsidiaries in the Group include Derlite Co Limited; based in Thailand, this company is an international manufacturer of electrical and non-electrical components specializing in ignition systems for gas appliances and Gasignition Limited; a trading company supplying electrical components to small and medium-sized European gas appliance manufacturers.
About Active Energy
Active Energy owns the rights, intangible assets and intellectual property of VoltageMaster, a range of voltage optimisation equipment for commercial buildings that reduces voltage, and consequently energy consumed, by up to 20 percent. The VoltageMaster, a sophisticated, easy to install device that is adaptable to complement existing infrastructures, optimises the voltage used in a building by adjusting the electricity voltage supplied to the whole building. In addition, the reduced energy consumption produced by the VoltageMaster provides reduced carbon emissions.
About County Executives of America
County Executives of America (CEA) is a non-partisan national association that is dedicated specifically to helping elected county chief executives achieve their county's social and economic development goals through federal and state government advocacy at both the legislative and executive branches. CEA has been in existence for over 40 years and its current membership includes over 700 County Executives, County Judges, Parish and Borough Presidents, City-County Mayors, Commission Presidents and Chairs, all of whom are elected at-large by county residents.