Last checked at 7 Jun 2007 10:59
For immediate release: 7 June 2007
Avingtrans Plc ("Avingtrans" or the "Group")
Investment in Vehicle Occupancy Limited
Avingtrans plc, the designer, manufacturer and supplier of critical components and associated services to the medical, industrial and global aerospace sectors, in pleased to announce an investment in Vehicle Occupancy Limited ("VOL").
Avingtrans is now the beneficial owner of a 7% interest in VOL resulting from its investment of ‚£200,000. VOL has developed and patented a new system designed to observe and record human occupancy in cars, vans and lorries in both moving and static situations. VOL has awarded Avingtrans with a five year supply and management agreement for poles, housings, assembly and installation.
The system was developed by Dr John Tyrer and his team at Loughborough University and been tested extensively. In its final form the new `dtect camera' is planned to become a major management tool in traffic control worldwide. The system will make it easier to enforce priority lanes for car sharing initiatives and for differential tolling on roads, bridges, tunnels and car parks.
Ken Baker of Avingtrans Plc has been appointed as Chairman of VOL with immediate effect.
Ken Baker commented,
"The use of vehicle occupancy detection systems has been widely acknowledged as a major instrument in the future of worldwide traffic management. VOL is at the forefront of this technology and we are delighted to have acquired a 7% interest and a long term exclusive supply agreement at this stage of its development.
VOL has plans for a series of tests and demonstrations for The Highways Agency and interested City Councils over the next two months. We look forward to reporting the progression of their business."
Aerospace Division - Trading Update
The Company is further pleased to announce that its newly established aerospace component manufacturing facility in Chengdu, China, operating as Sigma, has received all the necessary accreditation for the supply of its components to Europe and the United States. A number of orders and significant supply enquiries for both these regions are currently being processed.
Avingtrans - Directorate Update
Ken Baker is to postpone his planned retirement as Chairman. He will continue to work with the Avingtrans board and senior management in developing VOL and other exciting opportunities around the Group.
Group Trading & Notice of Results
Following the trading update announced on 2 May 2007, sales for the year ended 31 May 2007 are expected to be in line with management's expectations. Trading in the current financial year is in line with management's expectations.
Avingtrans expects to publish preliminary results for the year ended 31 May 2007 on 13 September 2007.
Enquiries:Avingtrans plcKen Baker, Chairman
Steve Lawrence, Managing Director
Tel. 01159 499 020Hansard GroupBen SimonsTel. 020 7245 1100KBC Peel HuntJulian Blunt / David AndersonTel. 020 7418 8900
AVINGTRANS PLC