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3 Feb 2011 07:00
3 February 2011
Pursuit Dynamics PLC (AIM: PDX)
("PDX" or the "Company')
Update on JV with the UK's National Nuclear Laboratory ("NNL")
Further to the announcement in September 2010 of PDX and NNL's agreement to enter into a joint venture, PDX is pleased to announce that the joint venture company, NDX Solutions Limited ("NDX" or "NDX Solutions"), has now been established and is fully operational.
NDX Solutions, owned 60% by PDX and 40% by NNL, has been formed to develop, produce and market products for the global nuclear market. NNL has existing commercial contracts into which NDX Solutions will provide products and services resulting in revenues commencing in NDX Solutions in the current financial quarter. Revenues are expected to build quarter over quarter as technology applications are rolled out. NNL's strong market position offers visibility over the likely development of the business and PDX believes that this joint venture will be a significant contributor to PDX's profitability going forward. The UK decommissioning industry has shown strong interest and enthusiasm for NDX Solutions' products and its ability to provide unique and cost-effective decommissioning technology and both PDX and NNL have been actively marketing NDX Solutions' products to industry customers.
In addition, both PDX and NNL believe that NDX Solutions can build on these early developments and develop an international strategy based upon broader market and product solutions outside the UK.
NDX Solutions combines NNL's experience as a world leader in the provision of nuclear technology services and PDX's best in class atomisation and reactor technologies. NDX Solutions has identified opportunities for its products and solutions in a number of nuclear decommissioning applications, including radioactive facility decontamination, nuclear fuel transport container clean up, nuclear fuel storage, chemical processing and nuclear security.
Commenting on the update, Roel Pieper, CEO of PDX, said:
"NDX Solutions represents an exciting development in the application of PDX's best in class technology in the Public Health and Decontamination market. We look forward to working with NNL in providing a new standard of excellence in the field of nuclear decontamination and in building on these early developments to leverage the potential of the joint venture in other markets."
- Ends -
For Further Information, please contact:
PDX | |
Roel Pieper, CEO | Tel: +44 (0)1480 422050 |
Richard Webster, CFO | |
Financial Dynamics | |
Ben Foster Marc Cohen | Tel: +44 (0) 20 7831 3113 Tel: +44 (0) 7802 877 241 |
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Cenkos Securities | |
Ian Soanes Max Hartley | Tel: +44 (0)20 7397 8924 |
Mirabaud Securities | |
Rory Scott | Tel: +44 (0) 20 7878 3360 |
Notes to Editors
About PDX
- PDX (AIM: PDX) owns and commercialises the PDX Atomiser and Reactor technologies that enable significant reductions in energy usage, process acceleration and result enhancement for a wide range of industrial processes and applications.
- The PDX business model is currently organised into six Lines of Business - Biofuels; Brewing, Food and Beverages; Public Health and Decontamination; Industrial Licensing; Water and New Ventures.
- PDX is headquartered in Huntingdon (UK) with an office in London (UK), Schaffhausen (Switzerland) and Connecticut (USA).
- Further information is available at the Company's website: www.pdx.biz
- Publication quality photographs are available from FD.
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