Last checked at 22 Jun 2010 07:00
22 June 2010
Stanelco plc ("the Company" or "the Group")
Annual General Meeting and Trading Update
The following statement will be made by Stanelco's Chairman, John Standen, at the Company's Annual General Meeting being held today at 10.30am:
"The Board is pleased to report that, in the current financial year to date (since 1 January 2010), sales growth in both its Bioplastic and RF Technologies divisions lies ahead of the market's expectations.
Progress continues to be made in developing significant business opportunities through Biome Bioplastics, the Company's wholly owned bioplastic business. The Board also reports that Biome's composting trials with a major American supplier to the food processing market, as highlighted in the Company's recent Interim Management Statement dated 29 April, have been completed successfully and that this opportunity is now moving into a commercial scale-up phase".
The Group recently completed a Placing and Open Offer raising its maximum target amount, approximately £2.8m (net of expenses). This supplements existing cash resources of £2.3m as of 31 May (includes 50% of the Biotec 50/50 JV's cash balance).
A presentation to be made to Stanelco shareholders at the AGM will be posted on the Company's website (www.stanelcoplc.com) following the meeting. Shareholders should also note that Stanelco plc is to be renamed "Biome Technologies plc" upon its forthcoming admission to AIM on or around 13 July 2010.
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For further information please contact:
| Paul Mines, Chief Executive, Stanelco plc Sue Bygrave, Group Finance Director, Stanelco plc
| Tel: +44 (0) 2380 867100
|
| Jonathon Brill/Caroline Stewart, Financial Dynamics | Tel: +44 (0) 20 7831 3113
|