Bank Irel13.375 Regulatory News (BOI)

3 Apr 2006 07:01

Biotrace International PLC03 April 2006 For Immediate Release 3 April 2006 BIOTRACE INTERNATIONAL PLC Sale of Property Biotrace International Plc ("Biotrace", "the Company" or "the Group"), a leadingmanufacturer of industrial microbiology products, announces today that its jointventure company, Mansford Biotrace Ltd has sold the Biotrace headquartersproperty for £2.5 million. Mansford Biotrace was formed in 2001 and purchased the Bridgend property fromBiotrace under a sale and lease back arrangement for £1.4 million. Following thesignificant rise in commercial property values, contracts have been exchangedfor the sale of the property for £2.5 million with completion expected to takeplace by the end of April. Biotrace will continue to occupy the property on thesame terms. Biotrace will realise a gain of £0.5 million on the disposal which together withthe release of its original investment in the joint venture will give rise to acash benefit of £0.6 million for the Group. Highlights •Disposal will generate a one off gain of £0.5 million •Generates cash of £0.6 million for the Group •No change in occupancy terms Ian Johnson, Chief Executive Officer of Biotrace, said: "I am delighted that the performance of the joint venture has resulted insignificant gains for our shareholders. The disposal will release cash forfurther expansion of the business and will enhance earnings by reducing interestpayable on debt. Together with the cash generated from the recent disposal ofRuskinn, a total of £1.7 million of additional cash has been raised in 2006." - 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