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10 Jul 2008 07:00
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For Immediate Release |
10 July 2008 |
ANGLE plc
ANGLE Long-term Management Contract Win
Contract Value Increased by £1.7m to £5.4m
ANGLE plc ('ANGLE' or the 'Company'), the intellectual property and technology commercialisation company, is pleased to announce that following confirmation of preferred bidder status in February 2008, it has now been awarded the long term management contract of the London Development Agency's (LDA) Knowledge Connect Programme.
In addition, it was originally announced that the value of this contract to ANGLE would be £3.7 million over three years. However, as a result of the LDA’s success in principle in securing European ERDF funds to support the programme, ANGLE is today pleased to announce that, subject to contract finalisation, the value of the Programme will be increased by £1.7 million to £5.4 million, once again over the next three years.
Andrew Newland, Chief Executive of ANGLE, said:
"ANGLE's Management services business is a key feature of the Company's business model. The division provides top line revenue, is profitable and cash generative. However, it also provides the Company with access to leading academic, research and science organisations internationally, raising the profile of the whole Group and providing access to high quality IP commercialisation opportunities.
Garth Selvey, Chairman of ANGLE, added:
"This project adds to the strength of our Management services business, which provides the platform for the creation of real value in ANGLE's Progeny operation.
The Board believes that in the last five years ANGLE has generated significant inherent value in its underlying portfolio of companies, several of which are now at a stage of development to potentially deliver substantial cash returns for shareholders."
Enquiries:
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ANGLE plc |
01483 295830 |
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Andrew Newland, Chief Executive Ian Griffiths, Finance Director
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Collins Stewart Europe Limited Mark Connelly, Stewart Wallace
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0207 523 8350 |
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Scott Harris Stephen Scott, James O'Shaughnessy, Harry Dee
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0207 653 0030 |
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Buchanan Communications Suzanne Brocks, James Strong
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0207 466 5000 |
Notes to Editors
Founded in 1994, ANGLE is an international venture management company focusing 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 is an active investor in high growth companies in the medical and technology sectors in both the UK and the US, taking operational responsibility for the companies as subsidiaries during the development phase and maintaining a substantial shareholding and close involvement during the growth phase. ANGLE has significant holdings in 10 portfolio companies developing proven technologies targeting substantial commercial markets. ANGLE is listed on AIM (AGL.L); further information can be found on www.ANGLEplc.com
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