Last checked at 11 Oct 2010 13:34
| For immediate release | 11 October 2010 |
ANGLE plc ("the Company" or "ANGLE")
Acolyte Biomedica update
ANGLE plc, which focuses on the commercialisation of technology and the development of technology-based industry, provides the following update in relation to its Progeny® company Acolyte Biomedica, which was sold in February 2007.
ANGLE was due an earn-out of up to £4.7 million receivable early in 2010. A fair value of £1.5 million is included in relation to this in the statement of financial position at 30 April 2010. The deferred consideration of up to £4.7 million due in respect of the sale of the investment in Acolyte Biomedica (medical diagnostics / MRSA detection) remains subject to dispute between the former Acolyte shareholders and the purchaser.
ANGLE is awaiting the outcome of legal action by the major Acolyte shareholder. It is now understood that the court hearing in relation to this has been rescheduled to June 2011.
Once the outcome of this action is known, ANGLE expects to pursue its own claim against the purchaser. At present ANGLE has no exposure to legal costs.
For further information:
| ANGLE plc | 01483 685830 |
| Andrew Newland, Chief Executive Ian Griffiths, Finance Director
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| Collins Stewart Europe Limited Stewart Wallace
| 0207 523 8350 |
| Scott Harris Stephen Scott, James O'Shaughnessy, Harry Dee
| 0207 653 0030 |
Notes to Editors
ANGLE plc
Founded in 1994, ANGLE focuses on the commercialisation of technology and the development of technology-based industry. ANGLE creates, develops and advises technology businesses on its own behalf and for its clients.
ANGLE's specialist Management services business provides support on a fee-for-service basis to major clients around the world involved in incubation, IP commercialisation, SME innovation and growth and the operation of science & technology parks.
ANGLE also owns a portfolio of company holdings with high growth potential in the medical and technology sectors. These have been developed whilst subsidiaries of ANGLE using its proprietary Progeny® process. ANGLE seeks to retain a substantial shareholding in these companies with a view to ongoing returns from dividend, milestone, royalty and capital returns.
ANGLE's technology commercialisation skills are of increasing relevance as global economies focus on regeneration, innovation and value added components to their industries. ANGLE's technology skills in IT and software, medical and life sciences, clean tech and renewable energies are directly relevant to major growth markets of the future and are marketed as specialised Management services.
ANGLE is quoted on AIM (AGL.L); further information can be found on www.ANGLEplc.com