Last checked at 4 Jul 2016 07:00
Braveheart Investment Group plc
("Braveheart" or the "Group")
Investment in Paraytec Limited
Braveheart Investment Group plc (AIM: BRH), is pleased to announce that in connection with a follow-on funding round in Paraytec Limited, one of its existing portfolio companies, Braveheart has invested £150,000 alongside a number of other existing shareholders, raising a total of £250,000 for Paraytec. In addition, Paraytec has undertaken a re-organization of its equity capital and loan notes, the effect of which has been to strengthen its balance sheet and release additional resources for business development. Following the completion of these changes, Braveheart will own 33% of the issued share capital of Paraytec and has the right to appoint a director to the Paraytec Board.
Paraytec ( http://www.paraytec.com/ ) develops high performance specialist detectors for the analytical and life sciences instrumentation market. The company is based in York in the United Kingdom and the patented technology that it has created is based upon the wide area imaging of UV absorbance. The detectors developed by Paraytec are sold into analytical laboratories and life science researchers within pharmaceutical companies and universities and are also integrated into high value instruments developed by third party OEMs. The use of Paraytec's patented technology allows the user to materially speed up drug development efforts by providing data in a real time manner that would otherwise be unavailable. Paraytec has been revenue earning for a number of years and expects to achieve a breakeven position in the current financial year and profitability in the next financial year.
Trevor Brown, Chief Executive of Braveheart, said: "Through management of the Viking Fund portfolio, we have worked with Paraytec for some years. This latest round of investment comes at a very exciting time for Paraytec as it completes its transition from a research and development focused company into one that generates significant revenues through the licensing of its technology and the introduction into the commercial marketplace of its disruptive technology. This significant transaction also marks the beginning of the implementation of Braveheart's new investment strategy"
Mark Vaux, CEO of Paraytec, added: "We are now working closely with a variety of large commercial organizations in order to deliver our technology into their products. The support being shown by Braveheart and our other shareholders comes at a crucial time in Paraytec's development."
Further information:
Braveheart Investment Group plc
Trevor Brown, CEO Tel: +44 1738 587555
Allenby Capital Limited (Nominated Adviser and Broker to Braveheart)
David Worlidge/James Thomas Tel: +44 20 3328 5656
Notes to Editors:
Braveheart Investment Group invests its own capital in promising technology businesses. Through Viking Fund Managers it also provides fund management services to the Finance Yorkshire Equity Fund, Lachesis Fund, Strathclyde Innovation Fund, Viking Growth Fund and the Viking Loan Fund.