Parkmead Regulatory News (PMG)

14 Mar 2005 07:00

Interregnum PLC14 March 2005 14 March 2005 INTERREGNUM PLC Signs Commercial Agreement with DestiNY USA(TM) Interregnum plc ("Interregnum"), the technology merchant bank, today announcesthat it has signed a commercial agreement to provide advisory services on anon-going basis to DestiNY USA(TM), a 21st Century technology cluster beingdeveloped as part of an estimated US$25 billion initiative in Upstate New Yorkin the United States. The agreement with DestiNY USA is expected to generate significant undisclosedadvisory revenues for Interregnum in the current financial year. Interregnum will provide DestiNY USA and partners with a valuation model for thecommercialisation of the Intellectual Property emerging from technologybusinesses in DestiNY USA's Research Centre. Interregnum will also help establish the "Venture Engine". This will include apackage and set of incentives to attract venture capital expertise and funds tothe region, as well as the policies around venture development and investmentfor technologies developed at the Research Centre. The emerging technologieswill be installed at DestiNY USA which will act as a route-to-market and asfirst enterprise level customer for these transformational technologies. Commenting on this agreement, Ken Olisa, Chief Executive of Interregnum, said: "Our agreement with DestiNY USA enables Interregnum to deploy its advisoryskills and in-depth understanding of emerging technologies - which are core towhat we do - on a significant scale, working with some of the largest and mostinnovative technology companies in the world. In addition, DestiNY USA allowsus the opportunity to share in the potential upside of the commercialexploitation of intellectual property in the US as well as in Europe. "We are extremely excited to be working with DestiNY USA in creating a 21stCentury technology cluster - and being given a real opportunity to be able totransform technology into wealth through enterprise and innovation." - Ends - Enquiries: Interregnum plc 020 7494 3080Ken Olisa, CEOTim Gocher, Managing Director Merlin 020 7653 6620Vanessa MaydonRebecca Penney 07795 108178 Notes to Editors Interregnum plc Interregnum plc (www.interregnum.com) is a technology merchant bank listed onLondon's Alternative Investment Market (symbol: ITR). Established in 1992,Interregnum buys, sells, advises, invests in and operates technology companies.Its advisory services include corporate finance, IP exploitation and commercialdue diligence. The company's clients are principally corporates, government,technology entrepreneurs, advisors and investors. DestiNY USA DestiNY USA (www.destinyusa.com) will be an 800-acre tourist destination - thebiggest construction project in the US. It will be a showcase resort foremerging technologies where the ultimate end-user - the consumer - can interactwith newly developing technologies, aimed at improving lifestyle, in anenvironment specifically designed to enhance that interaction. By attractingboth the largest and smallest technology companies as partners, innovation willbe developed collaboratively. DestiNY USA is the brainchild of Bob Congel, a US billionaire property developerfrom Syracuse, who has provided initial funding for this project. Furthercapital for construction is being provided by Deutsche Bank, and DestiNY USA isworking with Lehman Brothers and Citigroup for the underwriting. Building workfor DestiNY USA is expected to start in April 2005. DestiNY USA will attract 25 million annual visitors, staying on average 3 dayseach. It is within one day's drive of over 130 million consumers. DestiNY USA islocated in the heart of Northeast USA, surrounded by underutilised resources, ina region which has strong universities and infrastructure. Designed toregenerate the Upstate New York region, DestiNY USA will create 250,000 jobs. This information is provided by RNS The company news service from the London Stock Exchange