FST.L Regulatory News (FST)

21 Sep 2005 14:22

Immediate Release: Wednesday 21 September 2005 Nanoscience Inc. ("Nanoscience") Interim Results for the period ended 30 June 2005 Chairman's StatementI am pleased to present the first results of Nanoscience covering the periodfrom incorporation on 14 February 2005 to 30 June 2005. The Company wasadmitted to AIM on 30 March 2005 through an initial placing of 10 millionordinary shares that generated net funds for the Company of ‚£385,000. TheCompany was created to build a portfolio of investments in the nanotechnologysector.The Company announced on 9 June 2005 that it had completed its firstinvestment, that of approximately ‚£215,000 in AppliedSensor Sweden AB, aSwedish/German group and technology leader in developing and producing advancedgas sensing solutions to Original Equipment Manufacturers. The completion ofthis investment triggered the commitment from placees who participated in theplacing at the time of the Company's AIM Admission to subscribe for one newordinary share for every four shares subscribed for at that time. This raisedan additional ‚£500,000.Nanoscience has subsequently announced that it has completed its secondstrategic technology investment, that of ‚£100,000 in XRT Limited, an Australiancompany which is a leader in developing nanoscale imaging technology based onphase contrast imaging. As this investment was completed since the InterimDate, this investment does not form part of the accounting information providedwithin these results.The Company and its advisers are considering a number of opportunities toenhance shareholder value and further announcements will be made asappropriate.The Board is pleased with the progress made to date and looks forward to thefuture with confidence.Richard RoseChairman21 September 2005Enquiries: Andrew Tan, Hansard Communications Tel: 020 7245 1100Profit and loss accountfor the period ended 30 June 2005 Period from incorporation to 30 June 2005 (Unaudited) ‚£000 Notes Administrative expenses (41) Operating loss (41) Interest receivable and similar income 3 Loss on ordinary activities before and 3 (38) after tax Loss per share (pence) 2 (0.13) p Balance sheetAs at 30 June 2005 30 June 2005 (Unaudited) ‚£000 Notes Investments 221 Current assets Cash 707 Creditors: amounts falling due within (13)one year Net current assets 694 Total assets less current liabilities 915and net assets Capital and reserves Called up share capital 3 100 Share premium account 3 853 Profit and loss account 3 (38) Equity shareholders' funds 915 Reconciliation of movement in equity shareholders' funds Period from incorporation to 30 June 2005 (Unaudited) ‚£000 Loss for the financial period (38) Issue of shares 1,088 Share issue expenses (135) Net movement in equity shareholders' 915funds Equity shareholders' funds at start of -period Equity shareholders' funds at end of 915period Cash flow statementfor the period ended 30 June 2005 Period from incorporation to 30 June 2005 (Unaudited) Notes ‚£000 Net cash outflow from operating 4 (28)activities Net cash inflow from returns on 3investments and servicing of finance Acquisitions and disposals Payments to acquire investments (221) Net cash outflow before financing (246) Financing Issue of shares 1,088 Share issue costs (135) 953 Increase in cash 707 Reconciliation of net cash flow to movement in net cash Period from incorporation to 30 June 2005 (Unaudited) ‚£000 Increase in cash 707 Change in net cash from cash flows 707 Opening net cash - Closing net cash 707Notes to the Interim Resultsfor the period ended 30 June 20051. Basis of preparationThe Interim Results were approved by the Directors on 21 September 2005. TheCompany was incorporated in the Cayman Islands which does not prescribe theadoption of any particular accounting framework. Accordingly, the board ofdirectors of the Company has resolved that the Company will follow UnitedKingdom accounting standards and apply the Companies Act 1985 details of whichwill be set out in the Company's annual report and accounts for the periodending 31 December 2005.The Interim Results are unaudited and do not constitute statutory accountswithin the meaning of Section 240 of the Companies Act 1985.2. Loss per shareThe loss per share is calculated on the loss on ordinary activities aftertaxation of ‚£38,000 and on the weighted average number of ordinary shares inissue during the period of 28,490,441.The impact of the share options and warrants on the loss per share isanti-dilutive.3. Share capital and reserves Share Share Profit & loss capital premium account ‚£000 ‚£000 ‚£000 On incorporation - - - Allotments during the period 100 988 - Share issue expenses - (135) - Retained loss for the period - - (38) At 30 June 2005 100 853 (38)4. Reconciliation of operating loss to cash flows Period from incorporation to 30 June 2005 (Unaudited) ‚£000 Operating loss (41) Movement in creditors 13 Net cash outflow from operating (28)activities 5. Copies of the resultsCopies of the Interim Results will be sent to shareholders in due course andwill be available on request from the offices of the Company's assistantsecretary at Kitwell House, The Warren, Radlett, Hertfordshire, WD7 7DU.ENDNANOSCIENCE INC