Bank Irel13.375 Regulatory News (BOI)

8 Mar 2006 07:04

Biotrace International PLC08 March 2006 For Immediate Release 8 March 2006 BIOTRACE INTERNATIONAL PLC Purchase of Target Diagnostica Biotrace International Plc ("Biotrace", "the Company" or "the Group"), a leadingmanufacturer of industrial microbiology products, announces today that it haspurchased the remaining shares in Target Diagnostica srl ("Target") forapproximately £0.3 million in cash. The MicroSafe Group ("MicroSafe") based in Italy, was acquired by Biotrace inSeptember 2005 and held 39% of Target. MicroSafe has now acquired the remaining61% of Target's shares. Based in Milan, Target distributes microbiologyproducts, principally to the food, environmental and pharmaceutical industriesand has worked closely with MicroSafe for a number of years. Target had revenuesof €2 million (approximately £1.4 million) in 2005 and a pre tax profit of €0.2million (approximately £0.1 million). The consideration for the remaining shareswill be satisfied by way of cash amounting to €0.5 million (approximately £0.3million) which will be paid in two equal payments in January 2007 and January2008. These payments bring the total consideration for Target to €0.8 million(approximately £0.5 million). Highlights • Adds approximately £1.4 million to Group revenues in a full year • Immediately earnings enhancing with approximately £0.1 million of profit in a full year • Strong recurring revenues from reagents and consumables • Enhances competitive position and provides opportunity for improved efficiencies Ian Johnson, Chief Executive Officer of Biotrace, said: "With this latest addition to the Group, Biotrace is continuing to strengthenits position in Europe as a leading manufacturer and supplier of microbiologyproducts to the industrial market. The completion of the purchase of Target andits integration within MicroSafe will provide an opportunity to improve thefinancial performance of the Group. Mr Veronesi, the founder and ManagingDirector of Target has together with his team, developed a strong position inthe Italian market and I look forward to building on his achievements." - ENDS -For further information, please contact: Biotrace International PlcIan Johnson, Chief Executive Officer Tel : +44 (0)1656 641 400Peter Morgan, Finance Director Buchanan CommunicationsTim Anderson / James Strong Tel: +44 (0)20 7466 5000 Notes to editors: Biotrace International Plc is a leading manufacturer and supplier of industrialmicrobiology products. The Company is organised into three business segments:Food & Environmental, Pharmaceutical, Personal Care & Cosmetics and Defence. TheGroup's proprietary technologies are used by most of the world's leading foodand beverage manufacturers who rely on Biotrace products as an essential part oftheir quality control procedures. Other industrial customers includepharmaceutical and personal care product/cosmetics manufacturers together withenvironmental/industrial process water clients. The Defence segment providessystems and consumables for the rapid detection of biological weapons formilitary and homeland security organisations. Formed in 1988 and floated on the London Stock Exchange in 1993, Biotrace hadtotal revenues of over £29 million in 2005. The Company is headquartered inBridgend, UK with manufacturing and sales operations worldwide. Visit Biotraceat www.biotrace.com This information is provided by RNS The company news service from the London Stock Exchange