29 Jan 2013 07:00
29 January 2013
Modern Water plc
("Modern Water" or "the Group")
PRE-CLOSE UPDATE
Modern Water plc (LSE: MWG), the owner of leading water technologies for the production of fresh water and monitoring of water quality, announces a pre-close update for the year ended 31 December 2012.
The Group has continued to make good progress during the year and recently announced that it had entered into a Framework Agreement with Hangzhou Development Center of Water Treatment Technology, Company Limited ("Hangzhou Water") in the People's Republic of China, which will allow both organisations to jointly identify and develop projects in China, including seawater desalination plants and other water-related opportunities. A number of potential projects have been identified which the Company is working towards developing and the Company would hope to be able to make an announcement of the first project within six months.
The Group also recently announced that it had entered into a Cooperation and Agency Agreement with Kazema Global Holding KSCH in Kuwait, with a view to Modern Water and Kazema working together in Kuwait to promote Modern Water's forward osmosis technology.
Trading for the 2012 financial year has been in line with management expectations. The Company remains debt free with net cash of approximately £5.72m as at 31 December 2012.
For further information | |
Modern Water plc | +44 1483 696 000 |
Neil McDougall, Executive Chairman | |
Numis Securities Limited Richard Thomas (Nominated Adviser)Mark Lander |
+44 20 7260 1000
|
Headland | |
Tessa Cumming-Bruce | +44 20 7367 5245 |
Tom Gough | +44 20 7367 5228 |