Braveheart Investments Regulatory News (BRH)

1 Oct 2007 07:01

Braveheart Investment Group plc01 October 2007 1 October 2007 Braveheart Investment Group Investment into NiTech Solutions Limited - Second Close Braveheart Investment Group ("Braveheart"), the technology commercialisation andinvestment management company, announces that it has arranged second closefunding of approximately £800k into NiTech Solutions Limited ("NiTech"). Thefunding is being provided by PUK Ventures, with the possibility of someadditional investment from private investors. NiTech, a leading edge process intensification business, has developed apatented mixing technology for use across a wide range of industry applications.Based in East Kilbride, the Company was spun-out from Heriot-Watt University in2003, having invented and patented a unique mixing technology known as theContinuous Oscillatory Baffled ReactorTM ('COBR'). Since then, NiTech hasdeveloped COBR to meet the specific needs of manufacturing customers such asGenzyme and FujiFilm in the UK and Avebe in Holland. COBR can be used bycompanies within the process industries to lower costs by 50% and reduce processtime by 90% in manufacturing a wide range of commodities including chemicals,drugs and biofuels. The technology has significant advantages over traditionalmanufacturing processes in terms of cost and performance - making manufacturingfaster but without compromising on product quality. Use of COBR also reduces theenvironmental impact of a process because of its lower use of energy compared totraditional methods. The investment follows the initial close in December 2006, where Braveheart ledthe funding round of c£1m. The monies raised will enable NiTech to create additional reference sites forits applications and drive forward will its commercialisation activity. Commenting, Geoffrey Thomson, Chief Executive of Braveheart said: "We aredelighted to have brought in a respected institutional investor in the form ofPUK. This investment by PUK strengthens the NiTech proposition and underpinsthe investment we made late last year." Ian Laird, Managing Director, of NiTech Solutions added: "Since Braveheart'sinitial investment last year we have demonstrated the use of our technology forcommercial applications such as crystallisation and hydrogenation, and won newcustomers producing a range of products including biofuels. We welcome thisadditional investment that will allow us to accelerate the next phase ofcommercialisation." Puneet Bhatia, Investment Director of PUK Ventures said: "Nitech offers arevolutionary technology with potential to make fundamental impact on qualityand cost of manufacturing in key sectors including speciality chemicals,pharmaceuticals, oils and biofuels. We look forward to working closely with themanagement team in helping establish Nitech's as a premier provider of processdesigns and solutions." NiTech has recently signed a contract with its first Biodiesel customer, PhoenixFuels based in Nottingham UK. Their live production plant will be commissionedin December 2007. For further information, please contact:Braveheart Investment Group Tavistock Communications (for Braveheart)Geoffrey Thomson Rachel DrysdaleChief Executive Simon HudsonTel: 01738 587555 Tel: 020 7920 3150 rdrysdale@tavistock.co.uk NiTech Solutions Limited PUK VenturesIan Laird Puneet BhatiaManaging Director Investment DirectorTel: 01355 245 993 Tel: 020 7273 8365Ian.laird@nitechsolutions.co.uk Puneet.Bhatia@PUKVentures.com This information is provided by RNS The company news service from the London Stock Exchange