Last checked at 14 Oct 2008 07:00
14 October 2008
Pursuit Dynamics PLC
("the Company")
Pre-Close Trading Update
Pursuit Dynamics PLC (AIM: PDX), the developer and exploiter of the PDX platform technology, is pleased to announce that the commercialisation of its wholly owned PDX® technology has continued well during the period ended 30 September 2008.
Prior to entering the close period ahead of announcing preliminary results for the year ended 30 September 2008in December 2008, the Company wishes to provide the following update:
The commercialisation process of the PDX Ethanol Reactor Tower ("PDX ERT") remains on course. The 90 day trial at Pacific Ethanol's facility in Boardman, North East Oregon, which commenced on 2 June 2008, has now completed. During this period, in its non-optimised state, the system regularly achieved yield uplifts in excess of 10%, results which have been verified by a third party organisation. The Company expects further increases in yield uplift to be achieved as it works with Pacific Ethanol and other ethanol producers on the next phase of this project.
As announced on 2 October 2008, the Company recently signed a Letter Of Intent with Babcock and BrownBiofuels to install four PDX ERTs in ethanol plants across the US. This represents the next important step in commercialising the PDX ERT. From the Company's newly established office in Fallbrook, California, Pursuit isnow well positioned to aggressively penetrate the US ethanol market which currently has more than 170 distilleries producing in excess of 10 billion gallons of bioethanol per year.
Tyco Fire Suppression & Building Products ("TFBP") launched the PDX FireMist® based AQUASONIC™ system at the Fire Protection Association World Safety Conference and Exposition in Las Vegas in June 2008. On 9 October 2008, the Company received an update from TFBP regarding progress on its commercialisation strategy for the system. Full text of the update is available from the Company's website (www.pursuitdynamics.com). It is particularly encouraging that TFBP is preparing a number of quotes on upcoming projects, has an extensive plan for the rollout of the system, is looking to achieve additional industry approvals for the system and is preparing a European version of the AQUASONIC system to be introduced in early 2009.
Food and brewing sales have been disappointing during the second half of the year with a global slowdown in spending on capital projects resulting in customers in both sectors delaying in committing to purchase systems. However we believe this side of the business is well positioned to move forward when market conditions become more favourable.
Following the signing of a licensing agreement in June 2008 allowing EADS Deutschland to use the PDX Basilisk® decontamination technology in the development of decontamination and disinfection systems in Europe, we have been informed that good progress is being made. The Transportable Mobile Aerosol Based Decontamination and Disinfection System (TransMADDS) project has proceeded quite rapidly from the concept and design stage to the availability of hardware. At present EADS Defence & Security's Mobile Systems department in Friedrichshafen, Germany, is finalising the integration and functional testing of the TransMADDS prototype. The first trials for the system under actual conditions are planned for the end of October. In the coming year, EADS Defence & Security plans to carry out an extensive series of tests using various contaminants and chemicals to verify the technology under stringent independent and governmental laboratory conditions. The goal is to have the technology certified for chemical and biological decontamination/disinfection according to European standards and regulations by mid-2009. The Company continues to be involved in government based programmes in the US.
While the main focus within the business continues to be on the commercialisation of the PDX technology in areas which have the shortest revenue horizons, the Company remains actively involved in researching and developing its technology in a number of other areas including the conversion of cellulosic material to ethanol.
At 30 September 2008 net funds (cash and short term investments net of finance leases and loans) were in excess of £8 million.
For Further Information, please contact:
Pursuit Dynamics PLC
John Heathcote - CEO Tel: +44 (0)1480 422050
Donald Bell - CFO
Redleaf Communications
Emma Kane / Paul Dulieu Tel: +44 (0)20 7822 0200
Cenkos Securities plc
Ivonne Cantu Tel: +44 (0)20 7397 8900
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 Bioethanol production, Food & Drink, Brewing, Fire Suppression and Decontamination.
Pursuit Dynamics is headquartered in Huntingdon, UK and has an office in Norwalk, Connecticut, USAand in Fallbrook, California, USA. Pursuit Processing Equipment Limited, the processing equipment division of Pursuit Dynamics, operates from its own facility in Brooklands, Surrey, UK.
Further information is available at the Company's website: www.pursuitdynamics.com
Publication quality photographs are available from Redleaf Communications