RLM.L Regulatory News (RLM)

20 Feb 2008 07:01

PuriCore Plc20 February 2008 PuriCore and ECT Sign Acquisition Agreement for ECT's Intellectual Property Assets Patent portfolio focuses on complementary market sectors MALVERN, PENNSYLVANIA, STAFFORD, UK, and ST. LOUIS, MISSOURI, 20 February 2008 -PuriCore (LSE: PURI), the life sciences company focused on the control ofinfectious pathogens with its novel, safe antimicrobial technology, andElectro-Chemical Technologies Ltd. ("ECT") announce the signing of an agreementfor PuriCore to acquire ECT's intellectual property portfolio. The acquisitionincludes nine issued U.S. patents related to electrolyzed water equipment andprocesses. Additionally, PuriCore has signed separate agreements to hire twosenior ECT scientists who bring many years of collective experience inelectrolyzed water technology. The deal will enable PuriCore to expand itsoperations in commercial and industrial water treatment. Under terms of the agreement, PuriCore will pay a total of $2.3 million atclosing for the patent portfolio and non-compete agreements. ECT might receivefuture payments of up to $6 million based on PuriCore net sales in certainsegments, including water safety applications. PuriCore will also becomeresponsible for the ongoing maintenance fees of the intellectual property, whichare estimated to be approximately $20,000 total for the life of the patents. To facilitate the transaction, ECT has filed a petition for relief under Chapter11 of the United States Bankruptcy Code with the United States Bankruptcy Courtfor the Eastern District of Missouri. ECT simultaneously has filed a motionwith the Bankruptcy Court seeking approval of the transaction. The transactionis expected to complete in the second quarter of 2008, at which time the Companywill make a further announcement. Greg Bosch, Chief Executive of PuriCore, said: "The acquisition of ECT's assets enhances our existing intellectual propertyportfolio and will advance our research and development efforts. Moreover, itwill expand our opportunities in commercial and industrial water treatment." Vadim G. Panichev, CEO and President of ECT, added "PuriCore has proven its financial and technical capabilities in commercialisingelectrochemically activated solutions and we look forward to further developmentand commercialisation." About PuriCore PuriCore (LSE: PURI) is a life sciences company focused on developing andcommercializing proprietary products that safely, effectively, and naturallykill contagious pathogens. PuriCore's technology provides a solution to a broadrange of markets that depend upon controlling contamination, including foodsafety in retail and foodservice, medical device disinfection, wound therapy,and hospitality. The Company's proprietary technology mimics the human body'sproduction of the natural antimicrobial hypochlorous acid, which is highlyeffective in killing bacteria, viruses, and fungal spores. Deployinghypochlorous acid solutions as soaks, sprays, mists, and in other forms,PuriCore's technology is designed to limit the spread of infectious disease,including major public health threats of M. tuberculosis, MRSA, E.coli,Norovirus, Avian Influenza, HIV, Polio Virus, Helicobater pylori, andLegionella. PuriCore is headquartered in Malvern, Pennsylvania, with offices inStafford, UK. To receive additional information on PuriCore, please visit PuriCore's websiteat www.puricore.com, which does not form part of this press release. About ECT To receive additional information on ECT (Pink Sheets: ELCH), please visit ECT'swebsite at www.ectltd.net, which does not form part of this press release. Certain statements made in this announcement are forward-looking statements.These forward-looking statements are not historical facts but rather are basedon the Company's current expectations, estimates, and projections about itsindustry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,''intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressionsare intended to identify forward-looking statements. These statements are notguarantees of future performance and are subject to known and unknown risks,uncertainties, and other factors, some of which are beyond the Company'scontrol, are difficult to predict, and could cause actual results to differmaterially from those expressed or forecasted in the forward-looking statements.The Company cautions shareholders and prospective shareholders not to placeundue reliance on these forward-looking statements, which reflect the view ofthe Company only as of the date of this announcement. The forward-lookingstatements made in this announcement relate only to events as of the date onwhich the statements are made. The Company will not undertake any obligation torelease publicly any revisions or updates to these forward-looking statements toreflect events, circumstances, or unanticipated events occurring after the dateof this announcement except as required by law or by any appropriate regulatoryauthority. Enquiries:Ben Brewerton Greg Bosch, CEOSusan Quigley Keith A. Goldan, CFOFinancial Dynamics PuriCore+44 (0) 207 831 3113 484-321-2700 This information is provided by RNS The company news service from the London Stock Exchange