4 Jan 2012 07:00
4th January 2012
Corac Group Plc
("Corac" or the "Company")
New World Class Technology Centre
New Corporate Website Launched
Corac, the innovative research and technology group that specialises in high speed compressor and power electronics technology, is pleased to announce it has successfully relocated to its new Technology Centre, Stirling Road, Slough. It has also launched its new corporate web-site.
New World Class Technology Centre
The opening of the new centre marks the transformation of Corac from a University R&D spin off to a commercial technology development business and is in line with the Board's strategic commitment to sustainable growth outlined in December 2010 as part of the successful fund raising.
The new Technology Centre will provide:
·; More spacious and better equipped facilities (both office and workshop) to support the development and delivery of Corac's technology over the long term
·; Enhanced space planning in terms of the depth, width and most importantly height of the workshops
·; A site that meets Corac's specific requirements for power, noise control and gas management
·; Enhanced workshop areas including better equipped and larger individual test cells, separate machine room and 'clean' assembly facilities and improved specialist electronic lab
·; The ability to support multiple projects through development and delivery stages
·; A greater range of test facilities that reduces our dependency on the test facilities at Spadeadam
·; Better location and greatly improved working environment, enhancing employee recruitment and retention
·; A more professional environment to host existing and new partners and showcase Corac's technology
The Company has invested around £1.6 million building the infrastructure within the new centre, significantly less than the £2 million originally budgeted reflecting strong management of the relocation and refurbishment process. The new centre has significantly increased floor space of 28,000 sq. ft (compared to 8,000 sq.ft) at a much lower rental rate meaning that Corac now operates from more than three and a half times the space at a lower annual cost. In addition, the new Centre has lower service charges and negotiated a significant rent free period.
The move has been carefully planned to fit around the Company's existing development projects whilst ensuring that there is no impact on current discussions and negotiations with potential new partners. The Company anticipate many partners visiting the Technology Centre in the coming year
once the Centre is fully operational and will help provide further confidence for new partners to join Corac in support of future development projects.
New web-site launched
To coincide with the move the Company website has been updated and enhanced to reflect the changes in the business over the last 18 months. Information summarizing the Company's strategy, its assets and work programs is included on the new site.
The site is, as previously, available at www.corac.co.uk
Commenting, Group Managing Director, Mark Crawford, said:
"The new Technology Centre is transformational for Corac as it improves the overall quality and capacity of the Company's facilities and enhances the working environment for both our employees and partners. We believe it will be a major catalyst for the development and future success of Corac and look forward to the next phase of Corac's growth.
"We are delighted that our move to our new home has been completed on time and within budget."
ENDS
For further information please contact:
Corac Group plc | www.corac.co.uk |
Phil Cartmell, Executive Chairman | 01895 813463 |
Mark Crawford, Group Managing Director and Chief Financial Officer | |
Cenkos | |
Ivonne Cantú - Nomad | 020 7397 8980 |
Jeremy Warner-Allen - Sales | |
MHP Communications |
020 3128 8100 |
Reg Hoare / Vicky Watkins |