Last checked at 28 Jul 2011 12:45
28 July 2011
Pressure Technologies plc
("Pressure Technologies" or the "Company")
Grant of Share Options
Pressure Technologies announces that it has today granted options over 89,028 new ordinary shares of 5p each in the Company. These options were granted to UK based employees of the Group, following an offer to employees to subscribe to the Company's SAYE Share Option Scheme. The options were granted with an exercise price of 150p per share.
For further information, please contact:
Pressure Technologies plc John Hayward, Chief Executive James Lister, Group Finance Director
| Tel: 0114 242 7500 www.pressuretechnologies.co.uk
|
Fairfax I.S. PLC Nominated Adviser and Broker Ewan Leggat/Laura Littley
| Tel: 0207 598 5368 |
Rawlings Financial PR Limited Catriona Valentine
| Tel: 01653 618 016 www.rawlingsfinancial.co.uk
|
Company description:
Pressure Technologies is an AIM listed, leading designer and manufacturer of speciality engineering solutions for high pressure systems serving large global markets.
The Group's largest subsidiary, Chesterfield Special Cylinders Limited ("CSC") designs, manufactures and offers retesting and refurbishment services for a range of speciality high pressure, seamless steel gas cylinders for global energy and defence markets. The business is conducted under the "Chesterfield" brand which is a long established name in the cylinders and specialised pressure vessel market.
Chesterfield BioGas Limited was formed in November 2008 following the signing of a co-operation agreement with Greenlane® Biogas Limited, the world leader in biogas upgrading. This gives Pressure Technologies exclusive rights to market and manufacture Greenlane® equipment in the UK and Eire. Chesterfield BioGas provides turnkey solutions for the cleaning, storage and dispensing of biomethane for injection into the gas grid or use as a vehicle fuel.
In 2010, the Engineered Products Division was formed following the purchase of Al-Met Limited ("Al-Met") and the Hydratron group of companies ("Hydratron").
Al-Met is a niche manufacturer of specialised, precision engineered valve wear parts used in the oil and gas industries, which was acquired by Pressure Technologies in February 2010. Its products are used in high-pressure choke and flow control valves, designed to regulate flow volumes in extremely demanding applications in the subsea and surface oil and gas industries. The business, which was established in 1985, has developed a leading edge capability in precision machining carbides, high grade stainless steels and super alloys.
Hydratron acquired on 15 October 2010, designs, manufactures and sells a range of air operated high pressure hydraulic pumps, gas boosters, power packs, hydraulic control panels and test rigs. Hydratron has sales and manufacturing companies in Altrincham, UK, and Houston, USA and a spread of third party distributors in key locations around the world. Formed in 1981, Hydratron has since established itself as a leading supplier of quality high pressure equipment to the oil and gas industries. The full range of Hydratron products may be viewed at www.hydratron.co.uk.