29 Apr 2010 07:00
| Press Release | 29 April 2010 |
Hightex Group plc
("Hightex" or "the Company")
Holding in Company and partner to unlock value in SolarNext
Hightex Group plc (AIM:HTIG), a leading designer and installer of large membrane roofs and façades worldwide, announces that it has been informed by the Ludgate Environmental Fund ("LEF") that on 27 April 2010 LEF acquired 10,000,000 ordinary shares in Hightex, equivalent to 5.3% of the Company's issued share capital.
The Board of Hightex plans to work with the LEF to help to realise the potential of SolarNext, a wholly owned subsidiary of Hightex. SolarNext has developed a solar cooling system in kit form, able to be retro-fitted to many kinds of structures, managed by an innovative controller, which can manage multiple input sources (solar, district heating, biomass, CHP). Over 30 solar cooling systems have been sold, ranging from residential to medium-sized commercial applications. The Hightex board has stated its priority in 2010 to unlock the value within SolarNext.
Charles DesForges, Chairman of Hightex, said: "I am delighted to announce the investment by Ludgate Environmental Fund. Over the past year, Hightex has completed world class projects, returned to profitability and won significant contracts that give the Company a record order book and already secure the market forecasts for revenues in 2010. Gaining the participation of LEF, as a leading cleantech investor, is recognition of the long term growth potential of our energy efficient offering. We look forward to continuing that success by working with the Ludgate team and benefitting from the additional resources they bring to exploit our investment in the expanding solar sector."
Nick Pople, Director of Ludgate Investments Limited, Investment Adviser to the LEF, commented: "We are pleased to be investing in a leading green building company. Buildings represent some 20% of energy use and Hightex membranes can reduce that burden significantly. Furthermore, we look forward to working with Hightex to expand the activities of SolarNext."
- Ends -
For further information:
| Hightex Group plc |
|
| Charles DesForges, Chairman | Tel: +44 (0) 20 7603 1515 |
| Charles Sebag-Montefiore, Non-Executive Director | www.hightexworld.com |
| FinnCap |
|
| Geoff Nash, Rhydian Bankes, Corporate Finance | Tel: +44 (0) 20 7600 1658 |
|
| www.finncapitalmarkets.com |
Media enquiries:
| Hudson Sandler |
|
| Nathan Field | Tel: +44 (0) 20 7796 4133 |
| nfield@hudsonsandler.com | www.hudsonsandler.com |
Notes to Editors
Hightex Group is a specialist engineering company, which designs, fabricates and installs large area, architectural polymer membranes for roofing and façade structures. The membranes are typically used for sporting stadiums and arenas; airport terminals; train stations; shopping malls and other buildings. This type of structure is a competitive alternative to glass: its flexibility enables complex shapes to be created and its lightness enables larger areas to be covered in a single span. It is also safer than glass in the event of an explosion. Hightex uses environmentally friendly materials and is focussedon innovative technology and coatings, which help to reduce a building's energy costs. Its SolarNext subsidiary has developed air-conditioning/cooling systems whereby solar energy replaces electric power.
Hightex has been involved in the construction of a number of very high profile buildings including, among others, the AELTC Wimbledon Centre Court retractable roof, the Burj al Arab Hotel in Dubai, the roof of the Suvarnabhumi International Airport in Bangkok and the grandstand roof at Ascot Race Course.
The global market for membrane structures is growing as a result of the increasing demand for energy efficient buildings and the popularity and cyclical nature of sporting events, which give rise to a continuing need for upgraded and new buildings and stadiums.
Hightex is listed on the AIM market of the London Stock Exchange (LSE: HTIG). Further information on Hightex Group plc can be found at www.hightexworld.com.