Ampeak Energy Regulatory News (AMP)

16 Jan 2007 07:00

Amphion Innovations PLC16 January 2007 Amphion Innovations, plc Trading Update 16 January 2007, London, UK - Amphion Innovations plc, a developer of companiesin life sciences and technology, today announces a trading update for the yearended 31 December 2006, ahead of its Preliminary results announcement expectedmid-March, and the signing of a Heads of Agreement (see separate announcement). Results for the period are expected to show a 33% increase in net asset valueper share to approximately $0.34 at 31 December 2006 (2005: $0.25). Net assetvalue per share in sterling is expected to grow by about 16% over the last yearto 17.5p from about 15p, despite the 14% adverse move in the dollar/poundexchange rate. The Company expects revenues of approximately $1.2 million, net profit of about$7.7 million and the operating loss is expected to be around $2.3 million. During the course of 2006, Amphion successfully implemented its strategy ofadding another Partner Company to its portfolio by adding Myconostica, aspin-out from the University of Manchester specialising in diagnostic testingfor infectious diseases. All of Amphion's Partner Companies continued to show good progress throughoutthe year illustrated by Supertron Technologies acquiring Spin Systems, anAustralia-based manufacturer of MRI coils and other imaging accessories.Following the acquisition, the enlarged company changed its name to m2m ImagingCorporation, and will focus on developing MRI coils and accessories for use inthe medical imaging market for earlier disease detection and faster drugdevelopment. m2m is now generating a significant and rapidly growing level ofrevenue. Amphion experienced an unexpected challenge with the death of David Evans, CEOof WellGen. The management of Amphion worked closely with the WellGen Board andmanagement to guide the company through this difficult period and to identify anew CEO. Wellgen is now back on track and making good progress under its newCEO, Dr. Kathleen Mullinix. Amphion also announces that it has closed a further placing of 320,000 shares at25p, raising a further £80,000. Application has been made for the shares to beadmitted to trading and admission is expected on 22 January 2007.Followingadmission the total number of shares in issue will be 100,420,224. Richard C.E. Morgan, Amphion's Chief Executive Officer, said: "We have seen good growth in all phases of our operations throughout 2006. Theestimated 16% growth in sterling terms in net asset value per share is a resultof our commitment to build companies based on strong IP, proven technology andwhich are addressing large unmet market needs." For further information please contact: Amphion Innovations plcJosh Berkman, Media Relations +1 (646) 747 7158 Financial Dynamics + 44 207 269 7169Ben AtwellJohn Gilbert About Amphion Innovations plc Amphion Innovations plc is listed on the AIM Exchange in London under the symbolAMP. Amphion's business is the formation, financing, management and developmentof life sciences and technology companies, primarily in the US and UK, workingin partnership with corporations, governments, universities and entrepreneursseeking to commercialize their intellectual property. Amphion's management teamhas built more than 30 companies in 20 years, all of which have achieved valuein excess of $120 million. On the web: www.amphionplc.com This information is provided by RNS The company news service from the London Stock Exchange