Last checked at 29 Mar 2010 07:00
29th March 2010
Pursuit Dynamics PLC
("Pursuit" or "the Company" or "PDX")
AGM Statement
Introduction
Since the last Annual General Meeting, Pursuit Dynamics, now operating under the name of PDX, has set a new course under the leadership of Roel Pieper, who was appointed as CEO of the Company in September 2009. After a three month review and planning period, the Company announced with its full year results in November a new organization structure built on the concept of line of business units. These lines of business will be the centres of commercial activity around chosen product market combinations, such as bio fuels, brewing, decontamination and fire suppression solutions.
The operational focus of the Company will be driven from two main perspectives:
·; The commercialization of existing products and solutions to generate revenue opportunities in the short to medium term that will support the cash flow needs of the Company as best and as early as possible.
·; The creation of new line of business units to ensure that commercial, technical and partnering priorities are properly coordinated in focused business units around a selected product market combination.
The management team has recently launched the Brewing line of business and PDX expects to introduce other business lines over the next few months. In addition, the Company have added sales executives for Europe and the USA, as well as key executive management for business development and planning.
Energy efficient solutions
PDX's mission is to be a leading provider of energy efficient solutions to strategic industrial applications, using the unique patented PDX reactor and atomizing technology to improve output and reduce the use of natural resources.
PDX is focused on energy savings and environmental protection and will therefore be selecting new areas of industry where management believes the Company's technologies can make a valuable difference. PDX will continue to look at ways it can develop its technology in a range of sectors, including bio-fuels, alcohol production and waste water to help reduce the use of natural resources. PDX will generate revenues from the savings and benefits that can be delivered to its customers and partners.
Finance and Operations
The Company has continued to focus on very tight cost control during this period. The various new lines of business are not producing revenues at this stage but the Company can see a much clearer path to those revenues, as well as what will be required to achieve its targets and grow its revenue base going forward. With this in mind, PDX has modestly increased its infrastructure primarily in areas such as sales and marketing and product management, whilst focusing on geographic expansion mainly within the USA and Europe.
Corporate Structure and Human Resources
PDX intends to develop a commercial basis for operations in all major geographic areas of the global market and it will establish the appropriate corporate structure to support this by region and by line of business.
The Company has undertaken a comprehensive review of its global corporate and financial structure and it is currently implementing a series of changes that will efficiently position it for the growth profile it anticipates achieving in the years to come. The intended restructuring does not involve any movement of its R&D focus or registered office from the United Kingdom but it does include establishing new offices in Europe and Asia and a further US office.
PDX currently has a team of committed and experienced employees. As it continues with the Company's growth over the course of the year it will direct existing resources into the lines of business and recruit additional resources in line with the requirements of each line of business. The Company is in the process of recruiting executives to lead the bio fuels and brewing lines of business and expects to have those executives on board by the summer.
A review of the Company's compensation structure has been undertaken and the objective is to have a structure aligned with the strategic and commercial focus of the whole Company as well as each individual line of business.
Research and Development
PDX has an existing patent base, which will continue to be developed, focusing on the creation of more application patents built upon its two existing strong atomizer and reactor patents families.
The Company will develop its patents to reflect the geographical expansion of the business by ensuring that application patents have a global as well as regional emphasis, optimized for the various regions of the world, protected and leveraged to create the highest returns for the business as a whole.
PDX will carefully select which product ideas and scientific developments of the technology could lead to a new solution or even a new line of business. By using this approach, the Company will enable lines of business to make the optimal choices for new opportunities, encouraging innovation and creativity but with the strong discipline of due process and organization.
Partnering and Cooperation
PDX will continue to work with existing partners and to develop new partnerships and commercial relationships going forward. In all cases the Company will ensure that the PDX brand and value is established as an end-user brand and value. The management team will work with the best possible partners to deliver its ideas and products to market in the most efficient manner. The Company expects the PDX products and solutions to lead to strong revenues both through direct sales to customers and indirectly through royalty and license revenues. There will be continued investment in the Company to ensure that ongoing business creation and R&D can continue to expand the available opportunities.
Conclusion
PDX is structured to build on a firm foundation of disciplined innovation and creativity underpinned by its patents and technology. These strengths will deliver valuable solutions to various markets and ensure maximum value creation for all stakeholders, whilst providing the financial and commercial discipline that each line of business will need to allow the Company to focus on its global and regional opportunities.
The Company and the Board is looking to the future with real enthusiasm and great optimism.
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For Further Information, please contact:
| Pursuit Dynamics PLC Roel Pieper, Chief Executive Donald Bell, Chief Financial Officer | Tel: +44 (0)1480 422050 |
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| Financial Dynamics Ben Foster / Marc Cohen | Tel: +44 (0) 20 7831 3113 |
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| Cenkos Securities plc Ian Soanes / Max Hartley | Tel: +44 (0)20 7397 8924 |
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| Mirabaud Securities LLP Rory Scott | Tel: +44 (0) 20 7878 3360 |
Notes to Editors
·; Pursuit Dynamics PLC (AIM: PDX) owns and commercialises the PDX fluid processing reactor whose benefits include significant reductions in energy usage, process acceleration and result enhancement for industries such as Bio ethanol production, Food & Drink, Brewing, Fire Suppression and Decontamination.
·; Pursuit Dynamics is headquartered in Huntingdon, UK and has an office in Norwalk, Connecticut, USA.
·; Further information is available at the Company's website: www.pursuitdynamics.com or www.pdx.biz