Biome Tech Regulatory News (BIOM)

14 Jan 2008 07:00

Stanelco PLC14 January 2008 14 January 2008 Stanelco plc ("Stanelco" or "the Company") Pre Close Update Further to the Trading Statement of 29 May 2007 and the Interim Statement of 10September 2007, the Board announces that the Company is expected to report aloss in line with market expectations. Sales growth has lagged forecast but this has been offset by the continued focuson careful cost and cash management, which has resulted in a cash position thatis ahead of previous expectations. The Company's cash balance at the 2007 year-end close was £8.0m, which willprovide greater resource for the commercialisation of the Company's technology. Stanelco BioPlastics The Board has strengthened this unit with the appointment in October 2007 ofPaul Law as Managing Director. Paul has a research and development backgroundin natural polymer chemistry and more recently a track record in thecommercialisation of innovative polymer products. He is already increasing thecommercial focus as we look to build revenues in this area of our business. Whilst there continues to be considerable interest from potential customers,some obstacles remain in commercialising bioplastics as reported previously. Tohelp meet the requirements of this developing market, the Company is installingpilot extrusion and testing facilities at its UK base in Southampton during Q12008. Biotec Growth in the Biotec subsidiary has continued but at a slower rate thananticipated. Satisfactory progress is being made towards assuaging thepreviously reported patent challenges. Stanelco RF Applications The RF business continues to trade in line with expectations. We have increasedour contact with our existing customer base and this has resulted in a growingnumber of customer enquiries particularly in the fibre optic furnace areas. A detailed business update will be provided at the Preliminary Results on the14th March 2008. - Ends - For further information please contact: Jonathon Brill / Caroline StewartFinancial DynamicsTel: +44 (0)20 7831 3113 This information is provided by RNS The company news service from the London Stock Exchange