1 Feb 2011 07:00
For immediate release 1 February 2011
Corac Group Plc
("Corac", the "Company" or the "Group")
Pre-close Trading Statement
Corac is pleased to announce that its results for the year ended 31 December 2010 will be broadly in line with expectations after taking into account one-off costs of approximately £0.25m relating to restructuring the business. Preliminary results for the year ended 31 December 2010 will be published on Tuesday, 29 March 2011.
Following the successful fundraising of circa £21m gross proceeds in December 2010, which has significantly strengthened Corac's balance sheet, the Company is now focused on utilising these funds to implement its strategy of commercialising its core technology in order to realise value for shareholders.
Corac reports that its existing development partnership agreements continue to progress well and the Company's strengthened business development team has been working to advance the marketing and business collaboration with Baker Hughes in recent months. The Board is also excited by the positive reaction received from other recent meetings with global industrial operators who have expressed interest in working with Corac on existing, newly identified and future applications of the Corac technology.
Enquiries
Corac Group plc Phil Cartmell, Executive Chairman Mark Crawford, Commercial & Finance Director | 01895 813463 |
Cenkos Securities plc Elizabeth Bowman / Ivonne Cantu
| 020 7397 8924 |
Buchanan Communications Richard Darby Ben Romney | 020 7466 5000 |