Gaming Realms Regulatory News (GMR)

6 Oct 2006 07:01

Pursuit Dynamics PLC06 October 2006 Embargoed: for release at 0700h, 6 October 2006 PURSUIT DYNAMICS PLC ("Pursuit Dynamics") PRE-CLOSE TRADING UPDATE Pursuit Dynamics is pleased to update shareholders on progress in the year to 30September 2006. Revenues continue to build very rapidly. In the year just ended, revenues were£1.4 million, compared to £90,190 for 2005. In addition to the revenuerecognised in the period, the value of orders in hand - to be delivered in thefirst quarter of the current financial year - is £0.6 million. This step changein revenue growth is best illustrated by a half-year on half-year comparison. Inthe first six months of the year to 30 September 2005, revenues were £39,612,increasing to £50,578 in the second half. In the year just ended, first halfrevenues were up almost tenfold on the prior half at £494,370 and this figurehas virtually doubled again in the second half to £918,489. Almost all of therevenues to date have derived from the creation of our food and beveragebusiness. Pursuit Processing Equipment ("PPE") Pursuit Processing Equipment was set up as an operating division in April, 2006to prosecute the direct and indirect sales of products developed by PursuitDynamics. It currently sells and supports equipment in the food and beveragemanufacturing sectors. During the year we have committed significant resource to the development of PPEand recruited an experienced, high quality management team to drive the businessforward. The team was strengthened with the recent appointments of StephenDavies and Andrew Neal as Managing Director and Global Sales Directorrespectively. Both were previously employed in senior roles by one of theleading integrators of capital equipment to the process industries. Our investment in PPE has already been rewarded with the substantial increase inrevenues to be recorded for the year just ended and we anticipate this growthaccelerating as our new appointments impact the business. In addition to ourorders in hand, set out above, we have a strong and rapidly expanding quotebook. Brewing The commercialisation of our technology for applications in the brewing industryhas made rapid progress. Our wort boiling technology has recently beensuccessfully commissioned in full scale production trials at a UK site of one ofthe world's largest brewers. We anticipate that this trial will confirm theenergy savings of in excess of 30%, which were consistently demonstrated inearlier trials. It is our intention to develop a range of PDX products for thebrewing industry and to use the infrastructure created for PPE to secure directsales of equipment from the brewing industry. We anticipate first significantrevenues in 2007. Fire Suppression Our global, exclusive licensee, Tyco (the world leader in fire suppression), ismeeting, or exceeding, all of the milestones contained in our agreement, signedin December 2005. The PDX FireMist technology has shown in live fire trials thatit has the potential to revolutionise the water-based fire suppression market.We anticipate first revenues to flow from this license agreement in early 2007. Decontamination Following the successful conclusion to a US Department of Defense programmeearlier this year, we are actively exploring the optimum routes to market of ourPDX Basilisk decontamination system with a number of interested parties. Weanticipate the first significant revenues from this area in 2007. John Heathcote, CEO of Pursuit Dynamics, commented: "The commercialisation ofour chosen application areas is progressing rapidly. In addition to thefourteen-fold increase in sales to the food and beverage sectors compared tolast year, we are extremely encouraged by the current levels of sales activitywithin PPE. More significantly, our progress towards the commercialisation ofour technology within the brewing, fire suppression and decontamination marketshas exceeded our expectations and we look forward to reporting significantrevenues in these major markets in 2007. Whilst focusing during the past twelvemonths on the commercialisation of our PDX technology platform in these firstfour industry areas, we have continued to drive additional R&D programmes in awide range of applications. We will fully update shareholders in our AnnualReport." For further information on Pursuit Dynamics, please visitwww.pursuitdynamics.com or contact: John Heathcote, CEO Simon Hudson, Rachel Drysdale,Gary Pyle, CFO Paul DulieuPursuit Dynamics plc Tavistock CommunicationsTel: +44 (0)1480 422050 +44 (0)20 7920 3150 or +44 (0)7966 477256 ABOUT PURSUIT DYNAMICS Pursuit Dynamics plc owns, and is commercialising, a patented platformtechnology with applications across a number of industries. The core technologyis based on a gas driven, supersonic shockwave system that produces controllablemixing, heating and flow rate. Pursuit Dynamics operates as an R&D and licensingcompany and has already proved the application of its system in the foodindustry. Its PDX(R) Sonic fluid processing product, which is a highly efficientsystem for use in the manufacture of prepared foods and soft drinks, waslaunched in January 2005 and has been licensed to a number of leading industryplayers in the EU, USA and Central America. Other potential industryapplications under development include applications for waste treatment,brewing, pharmaceuticals, personal healthcare, and oil and gas. In addition to its applicability to process flow manufacturing industries, thetechnology has been adapted to address the markets for fire suppression anddecontamination. FireMist(R), Pursuit Dynamics' patented product, is the mosteffective of all commercially available water mist systems and has successfullyextinguished Class A and B fires in building and aircraft simulation fire tests.In December 2005, Pursuit granted an exclusive global licence for firesuppression to Tyco Fire & Building Products, a division of Tyco InternationalLtd (NYSE: TYC; BSX: TYC), the world leader in fire suppression. In July 2005, Pursuit announced the signing of a one year contract with DARPA, aUS governmental defence research agency to use its PDX(R) Basiliskdecontamination system. The system has a number of applications fordisinfection, human and animal healthcare and in the defence industry,principally in chemical and biological defence applications. Pursuit Dynamics is headquartered in Huntingdon, UK and has a US office inNorwalk, Connecticut. It is quoted on the AIM market of the London StockExchange (ticker: PDX). This information is provided by RNS The company news service from the London Stock Exchange