Last checked at 5 Jul 2010 07:00
5 July 2010
AIM: CINP
CINPART PLC
('Cinpart' or the 'Company')
Additional US Memorandum of Understanding
Further to the announcement made by the Company on 25 June 2010 that it had entered into a Memorandum of Understanding with County Executives of America, Cinpart is pleased to announce that Active Energy Limited ("Active Energy"), its subsidiary company, has signed a Memorandum of Understanding ("MoU") with three organisations based in Ohio, USA, which relates to the establishment of an assembly facility in the USA as well as the promotion of Active Energy's voltage optimisation products.
The new MoU has been signed with the County of Summit, Ohio ("Summit County"); the Summit County Port Authority and Northeast Ohio Trade and Economic Consortium. As previously indicated, Cinpart intends to establish a US based assembly plant in order to service the expected demand for its voltage optimisation products in a cost effective location and having identified a suitable location, in the Foreign-Trade Zone 181 in Summit County, Ohio, these organisations are well placed to support this development. All of the parties will assist the Company in securing financial incentives and grants related to the set-up of a facility in Ohio. In addition, the three organisations will promote the sale of Active Energy's voltage optimisation products in the US market. Furthermore, Summit County also intends to introduce Active Energy to major public facilities under its control and to other state, county and local authorities and entities throughout the USA.
Kevin Baker, Chief Executive of Cinpart, commented:
"This agreement is a natural extension of the Memorandum of Understanding signed with County Executives of America, which we announced on 25 June 2010. We believe that by setting up a local distribution network and an assembly plant, we can, in an efficient and cost effective way, service the expected demand for our voltage optimisation products in the USA.
We look forward to working closely with Summit County, Summit County Port Authority and Northeast Ohio Trade and Economic Consortium to seek to take advantage of the exciting opportunities available to us in the USA."
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: 0203 372 2500 |
| 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.