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Inditherm Industrial Process Solutions

13 Dec 2010 12:40

RNS Number : 8434X
Inditherm PLC
13 December 2010
 



Press Release

 13 December 2010

 

Inditherm plc

("Inditherm" or the "Company")

Inditherm Industrial Process Solutions

 

In its Interim Results for the six months ended 30 June 2010, as announced on 23 September 2010, the Company confirmed the Board's decision to exit the process solutions part of the Industrial business (the "Process Solutions Business") to focus resources on Medical sectors, whilst retaining the key aspects of the Company's intellectual property rights.

 

Today Inditherm announces that it has signed an exclusive distribution agreement with ADI Inditherm Ltd ("ADI"), a wholly owned subsidiary of Systems ADI Group Ltd (the "Agreement") under which ADI will promote heating solutions to the food, chemicals, pharmaceuticals and petrochemicals markets utilising heating pads that will be manufactured by Inditherm for ADI. Under the Agreement, Inditherm has also granted a license to ADI to use know-how in respect of the application of the Inditherm heating solutions technology and a license to use Inditherm trade marks. Inditherm will retain all intellectual property rights and rights to manufacture the core polymer technology.

 

Under the Agreement, ADI will pay Inditherm a nominal cash consideration and will bear costs of up to £10,000 that would be otherwise borne by Inditherm in implementing the Agreement. In addition, the employment contracts of staff allocated to the Process Solutions Business will TUPE transfer to ADI under the Agreement.

 

Inditherm took a £45,000 charge through its income statement for the six months ended 30 June 2010 reflecting the impairment of the total value of inventories and tangible assets of the Process Solutions Business. The Process Solutions Business segment of Inditherm realised a loss for the year ended 31 December 2009 on turnover of approximately £255,000.

 

Inditherm will continue to promote its standard product offerings in the Industrial markets (currently drum and IBC heating systems). For the year ended 31 December 2009 sales of these products amounted to approximately £106,000.

 

Mark Abrahams, Chairman, commented: "This deal enables Inditherm to concentrate its limited resources on its core medical market whilst retaining its critical know-how."

 

 

 

- Ends -

 

 

 

 

 

 

 

For further information:

Inditherm plc

Nick Bettles, Chief Executive

nbettles@indithermplc.com

Tel: +44 (0) 1709 761000

Ian Smith, Finance Director

ismith@indithermplc.com

www.indithermplc.com

 

Media enquiries:

Abchurch

Sarah Hollins

sarah.hollins@abchurch-group.com

Tel: +44 (0) 20 7398 7728

 

Simone Elviss

simone.elviss@abchurch-group.com

 

www.abchurch-group.com

 

Collins Stewart Europe Limited (Nomad)

Tom Hulme

thulme@collinsstewart.com

Tel: +44 (0) 20 7523 8350

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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