20 Apr 2010 07:00
Modern Water plc
("Modern Water" or the "Company")
AGM Statement
Modern Water plc, the owner of leading water technologies focused on addressing the scarcity of fresh water and the treatment of wastewater, will hold its Annual General Meeting at 10:00 a.m. today, 20th April, at the Company's head office in Guildford. Neil McDougall, Modern Water's Executive Chairman, will provide the following statement at the meeting:
"Last year saw Modern Water successfully move from the development stage to commercialisation in two of our core technologies. One of the highlights of 2009 was the start-up of our manipulated osmosis desalination plant in Oman which is producing extremely positive results. Together with the ongoing operations of our Gibraltar plant, we have successfully demonstrated the major cost and energy saving benefits of this process in plants in two separate locations.
"Using the same manipulated osmosis platform technology, we are also deploying our first evaporative cooling system proving plant in Oman and this is on track to be installed by mid-2010.
"In the fourth quarter of 2009, we announced our first Group revenues from sales of our toxicity monitoring technology, Cymtox, in China. In addition, commercial trials of AguaCure, which removes contaminates from water, continue with partners in the motor and water utility industries.
"We continue to maintain a prudent approach to capital expenditure and our financial position remains strong. We had a cash balance of £23.1 million and no debt at 31 December 2009.
"As global demand for clean water increases and availability worsens, Modern Water is well placed to help meet this challenge with technologies which offer cost efficiencies, reduced energy consumption and limit the impact on the environment.
"Having proven our technologies in various commercial settings and recorded our first Group revenues, we expect a year of further growth and heightened interest in our services. The Board of Modern Water remains committed to delivering solutions for existing and potential customers and thus to enhance value for our shareholders."
For further information:
| Modern Water plc |
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| Neil McDougall, Executive Chairman | 01483 696011 | ||
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| www.modernwater.co.uk |
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| HeadLand Consultancy |
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| Rachel Lankester or Tom Gough | 020 7367 5226 or 5228 | ||
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| Nomura Code |
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| Juliet Thompson or Phil Walker | 020 7776 1200 | ||
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