Gaming Realms Regulatory News (GMR)

27 Jan 2006 07:01

Pursuit Dynamics PLC27 January 2006 For release at 0700h, 27 January 2006 PURSUIT DYNAMICS PLC ("Pursuit Dynamics") ANNUAL GENERAL MEETING TRADING UPDATE At the Annual General Meeting to be held today, the Chairman of PursuitDynamics, Andrew Quinn, will update shareholders as follows: "This has been a year of great progress for Pursuit Dynamics during which weachieved a number of important milestones. After four years of research anddevelopment we launched our first product, the PDX Sonic into the food equipmentmarkets in the UK and USA and started the creation of a global distribution andagency network signing up our first nine partners. A number of these now havetheir own demonstration systems to support their sales activities on our behalfand, in January 2006, more trials have been undertaken by them with newpotential customers than the total for the previous six months. The success ofour strategy is evidenced by the sales already made to some of the world'sleading food companies. We believe that sales of our food manufacturing productswill provide a solid base for our growth into other sectors. "We are pleased to report that we achieved our sales targets for the firstquarter of the current financial year. Our distributors' forecasts and activityconfirm that we remain on track to achieve our targeted sales for the full year.In addition, we are currently extending our distribution network and directsales capability and we anticipate that this increase in sales resource willhave a further, positive impact on sales towards the end of this financial year. "In mid December, Pursuit Dynamics granted a global, exclusive licence for itsPDX FireMist fire suppression technology to Tyco Fire & Building Products, adivision of Tyco International Ltd ("Tyco"). Tyco is the leading worldwidesupplier of fire suppression equipment and systems. The licensing of ourFireMist technology is our first global licensing deal, a milestone in thecommercial success of Pursuit Dynamics, which we have delivered ahead of thetimeframe set out at the time of the 2005 Annual General Meeting. This deal hasthe potential to generate very substantial revenues to Pursuit and we expectthese to commence in early 2007. "Our work in brewing has reached an advanced stage of development, with proof ofconcept successfully achieved during 2005. The trials undertaken to date haveyielded energy savings at the higher end of our expectations, around 30%, in thewort-boiling stage, which is the most energy intensive part of the brewingprocess. The next phase is planned to be a fully scaled-up in situ productiontrial which is scheduled to take place in May. We are currently in the processof selecting suitable partners to assist Pursuit Dynamics in thecommercialisation of the PDX technology in the brewing industry towards the endof 2006. "The PDX Basilisk decontamination system is currently undergoing trials with theUnited States Department of Defense and we look forward to reporting progress onthese in due course. "Our R&D pipeline continues to generate commercial opportunities and we haverecently added a number of key personnel to the team. Current R&D programmesinclude the separation of heavy oils and oil sands, waste stream processing andhuman and animal disinfection. "Since the year-end we have strengthened the Company's financial position byplacing new ordinary shares to raise £8 million before expenses. In addition tothe benefits of a stronger balance sheet, the additional funds are earmarked forthe acceleration of our business development. In particular, we are hiring keypersonnel in our operating divisions, moving to larger and more sophisticatedpremises, increasing our distribution network and direct sales capability in thefood industry and investing in the growth of our US office. "We have had an excellent year: we have built a stronger business around ourfirst commercial products in the food processing equipment industry; we haveachieved our first global license - of a separate technology stream with theglobal leader in the field of fire suppression - and we have moved closer to thecommercialisation of our brewing and decontamination products. We continue toexpand the range of industrial applications for our unique technology and a keytask for the Board and senior management continues to be to prioritise activityinto the areas judged most likely to generate commercial success. "I would like to thank shareholders for the support that has been so importantto making this a successful year. The current year promises to be every bit asexciting as the last as we continue to build on the foundations we haveestablished over the past year and we look forward to it with confidence." For further information on Pursuit Dynamics, please visitwww.pursuitdynamics.com or contact:John Heathcote, CEO Simon HudsonGary Pyle, CFO Rachel DrysdalePursuit Dynamics plc Tavistock CommunicationsTel: +44 (0)1763 250592 +44 20 7920 3150 or 07966 477256 ABOUT PURSUIT DYNAMICSPursuit Dynamics plc owns, and is developing, a patented platform technologywith the potential to revolutionise manufacturing techniques across numerousindustries. The core technology is based on a steam driven, supersonic shockwavethat produces a controllable mixing, heating and flow rate. Pursuit Dynamicsoperates as a research and development and licensing company and has alreadyproved the application of its system in the food industry. Its PDX(R) Sonic fluid processing product, which is a highly efficient systemfor use in the manufacture of prepared foods and soft drinks, was launched inJanuary 2005 and has been licensed to a number of leading industry players inthe EU, USA and Central America. Other potential industry applications under development include applications forwaste treatment, brewing, pharmaceuticals, personal healthcare, on-line turbinewashing and oil and gas. In addition to its almost universal applicability to process flow manufacturingindustries, the technology has been adapted to address the very large marketsfor fire and explosion suppression. FireMist(R), Pursuit Dynamics' patentedproduct, the most effective of all commercially available water mist productionand distribution systems, can successfully extinguish Class A and B fires inbuilding and aircraft simulation fire tests. In July 2005, PDX announced the signing of a one year contract with DARPA, a USgovernmental defence research agency to use its PDX(R) Basilisk decontaminationsystem. The system has a number of applications for disinfection, human andanimal healthcare and in the defence industry, principally in chemical andbiological defence applications. Pursuit Dynamics is headquartered in Hertfordshire UK and has a US office inDarien, Connecticut. It is quoted on the AIM market of the London Stock Exchange(ticker: PDX). This information is provided by RNS The company news service from the London Stock Exchange