Last checked at 25 Feb 2010 07:00
25th February 2010
Pursuit Dynamics PLC
("Pursuit" or "the Company" or "PDX")
PDX® announces its re-entry to the brewing industry with new products and services
PDX® is pleased to announce today that it is re-entering the brewing industry with a suite of new products and services. Over the past few years several brewing projects have been completed and after a successful and extensive test program with a large international brewer, PDX has decided to return to this industry by increasing its commitment with a new product launch.
The foundation product in brewing is the well known PDX Wort Heater, already operating successfully on a number of coppers. To this is added the mashing-in product which is based on the technical experience PDX has gained in the corn to ethanol market. PDX also has specific solutions for cleaning and disinfection, built on the experience gained in military and civil defence decontamination.
In a period when energy savings and productivity are especially important to brewers globally, the PDX Wort Heater offers attractive energy savings ranging from 30% to 50% (at point of use) depending on the type of wort heating and evapouration at the brewing installation.
PDX sees an addressable global market of at least 15,000 (copper) installations with prices for basic installations ranging from 125,000 to 150,000 Euros (with attractive gross margins). Given the clear energy benefits, the Company expects that a significant proportion of the market will implement the solutions in the next five years. When PDX delivers additional products and solutions, such as mashing-in and cleaning, the revenue per brewery could increase considerably, both in capital sales as well as annual service and maintenance fees. PDX expects to close several agreements with international brewers this calendar year.
The value generated by the PDX solutions allows a very attractive 1 to 2 year payback for these customers. The contracts will normally include annual service and maintenance with upgrades for those brewers that want to operate at the best possible energy savings available in the market today.
PDX has now been organized into specific lines-of-business and PDX Brewing has been established as a business unit. The management of the unit will be in the hands of the CEO of PDX, Roel Pieper, until the new leader of the line-of business unit is appointed, which is expected in the next few months.
The test programs conducted to date have been undertaken in conjunction with Brewing Research International ("BRI"). Commenting on the announcement, Professor Richard Sharpe, Technical Director of BRI, said, "The testing programme has shown that in many cases the energy savings realised by the PDX Wort Heater have exceeded our expectations, whilst fully maintaining the quality of the product. This new approach to wort heating is a major step forward in energy saving and because of its simplicity it can be retrofitted into almost any brewing installation"
Roel Pieper, Chief Executive Officer, said,
"Following the lines-of-business strategy outlined at our year end results in November, we have decided to move back into the brewing industry as we believe this area offers opportunities to generate value for our customers, which will add significant value for our shareholders. It is important at this moment that we explain the size of the market as well as the opportunity for PDX in the near future. We look forward to updating the market on developments in due course".
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For Further Information, please contact:
Pursuit Dynamics PLC
Roel Pieper, Chief Executive Tel: +44 (0)1480 422050
Donald Bell, Chief Financial Officer
Financial Dynamics Ben Foster / Marc Cohen Tel: +44 (0) 20 7831 3113
Cenkos Securities plc
Ian Soanes / Max Hartley Tel: +44 (0)20 7397 8924
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