Last checked at 12 Jan 2011 07:00
For immediate release | 12 January 2011 |
ANGLE plc ("the Company")
Geomerics Corporate Deal Progress
ANGLE plc, which focuses on the commercialisation of technology and the development of technology-based industry, is delighted to announce that its portfolio company Geomerics Limited, which specialises in computer games middleware, has successfully completed the first milestone in its corporate partnership with one of the world's leading technology companies ("Corporate Partner") which was first announced in July 2010, resulting in a first milestone payment being received by Geomerics.
The partnership comprises both a cash investment and an ongoing partnership arrangement. The deal included investment of up to £2.3 million of which approximately £1.0 million was subject to the achievement of certain milestones. The name of Geomerics' Corporate Partner and other terms of the deal remain subject to strict confidentiality.
ANGLE believes that the partnership arrangement has placed Geomerics in a significantly stronger position to further develop and capitalise on its Enlighten product and underlying technology platform.
The value of ANGLE's holding in Geomerics on the balance sheet at the year end 30 April 2010 was £2.2 million and this remains unchanged. It is expected that, over the course of the corporate partnership, ANGLE's holding will remain above 30%.
For further information:
ANGLE plc | 01483 685830 |
Andrew Newland, Chief Executive Ian Griffiths, Finance Director
| |
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, cleantech 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