3 Sep 2008 07:00
Embargoed Release: 07:00 hrs Wednesday 3rd September 2008
Nanoscience Inc. (`Nanoscience' or the `Company' or `Group') Notice of Extraordinary General Meeting and Change of Name
Nanoscience, the specialist niche investor in emerging technologies with strong commercial propositions for the healthcare and electronic sectors, is convening an Extraordinary General Meeting ("EGM") at 12:00 CET 26 September 2008 at the Zurich Marriott Hotel, Neumuhlequai 42, Zurich 8001, to consider resolutions to change the Company's name to Toumaz Holdings Inc. and an internal reorganisation of the administrative structure of the Company's business.
CHANGE OF NAME
Since the acquisition of Toumaz Technology Limited ("Toumaz") in November 2005, the Company has become increasingly focused on the research and development activities of Toumaz and the planning of the future commercialisation of its technology. As such, the Directors of the Company believe that the proposed change of name better reflects the Company's commercial priorities. In order to action the change of name a special resolution must be passed at a general meeting of the Company and consequently the EGM is being convened.
Following the re-registration of the Company's name, the Company's shares will be traded on AIM under a new EPIC code, TMZ. The Company's website will change to www.toumazholdings.com
INTERNAL REORGANISATION
The Directors of Nanoscience intend to restructure the Group into three administrative areas:
1. the development of new technologies (which will continue to be undertaken within Toumaz) and their commercialisation as they become mature;
2. the management of intellectual property rights created;
3. and the management of non-Toumaz related investments.
This will ensure the commercial focus of the Group maximises the future returns the Directors believe are attainable from its asset base. In addition, the global opportunity available to the business in its commercial expansion must address the complexities of global tax and licensing as the move from research towards development progresses and the anticipated rollout of products in 2009 unfolds. The proposed reorganisation will therefore consist of the following actions (together "the Proposals"):
1. the transfer of such intellectual property rights as have been developed by Toumaz to date to a newly formed and wholly owned company called Toumaz IP . This company will also manage all new IP developed by Toumaz in the future; and
2. the transfer of the Group's non-Toumaz assets and investments to a newly formed and wholly owned vehicle.
A circular convening an EGM to consider the change of name and internal reorganisation has been posted to shareholders and the document is available to download from the Company's website, www.nanosc.com
For further information please contact:
Guy Spelman Nanoscience Inc. Tel: +44 7767 338 967 Sam Smith/ FinnCap Tel: 020 7600 1658 Charles Cunningham Vikki Krause Hansard Group Tel: +44 207 245 1100
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