Time Finance Regulatory News (TIME)

21 Feb 2008 07:01

Timestrip PLC21 February 2008 TIME.L Timestrip plc ("Timestrip") iStrip's continued commercial progress Timestrip is pleased to announce that its iStrip label technology continues tobe well received by its target market and is making excellent commercialprogress. Following the successful trial announced in November 2007, DHL HealthcareLogistics have placed initial orders for iStrips to be used as part of theircold chain logistics operations. Initial sales have also been made todistributors in the UK and North America, whose end customers include a leadingglobal pharmaceuticals company, which is using the iStrip with materials beingshipped for clinical trials. In order to meet the anticipated demand for the technology, the production ofiStrips for use with products at case/pallet level is being scaled up with asub-contracted partner in Europe. The volume of re-orders from distributors andthe repeat purchase patterns, whilst still modest in value, are extremelyencouraging. In addition to these distributor agreements, Timestrip has received a high levelof interest in the iStrip from worldwide distributors who are looking atincorporating the technology into their established and extensive portfolios ofcold chain solutions. Timestrip is also close to finalising the manufacturingcapability to produce a unit level label for application to individual vaccinevials. The Company continues to collaborate with Seattle based non-profit organisation,PATH to evaluate the acceptability of the case-level iStrip within the contextof vaccine distribution in a developing country setting. PATH is aninternational, global health organization that creates sustainable, culturallyrelevant solutions that enable communities worldwide to break longstandingcycles of poor health. Paul Freedman, CEO of Timestrip, commented: "We are delighted at the progress being made with our iStrip technology on boththe commercial and the development sides. We have delivered the technology onschedule and are extremely pleased that we are already having successes with it.I look forward to reporting further progress in due course" The iStrip is a patent pending label developed by Timestrip plc that is capable of recording whether a wide range of temperature sensitive products, including vaccines, have been accidentally frozen during transport or storage. For more information, please contact: Paul Freedman/Reuben Isbitsky, Joint CEOs, Timestrip plc 01462 440 700Shane Dolan, Biddicks 020 7448 1000Fergus Marcroft, Evolution Securities 020 7071 4300 This information is provided by RNS The company news service from the London Stock Exchange