2 Apr 2007 09:02
(2/4/07) WALCOM GROUP LTD ("Walcom") Shellfish PatentsAssignment
Walcom Group Limited ("Walcom" or "the Company"), the Hong Kong based manufacturer and distributor of "clean" animal feed additives, announces that it has today entered into a Deed of Assignment (the "Assignment") for the transfer of nineteen patents held by Omega Bio-Pharma (I.P.1) Limited ("Omega"), for a total cash consideration of HK$804,112 (approximately ‚£ 53,000). Omega is a company engaged in human pharmaceutical research, in which Mr Eddie Kin Man Chan, Mr Francis Chi, Mr Yong Chian Tan and Mr Frankie Yuet Leung Wong, directors of Walcom, have an interest. The patents are being assigned at cost.
The patents cover materials and methods for improving shellfish health, immunity and growth which, following large scale field trials organized by one of the Thailand's largest manufacturer of shrimp feed, have preliminary demonstrated a very positive effect on the growth of shrimps. The trials are scheduled to finish within the next two weeks and Walcom expects to commence sales of the product shortly.
Under the AIM Rules, the transaction is deemed to be a Related Party Transaction. The Directors (other than Mr Eddie Kin Man Chan, Mr Francis Chi, Mr Yong Chian Tan and Mr Frankie Yuet Leung Wong who are interested in the transaction), who have consulted with John East & Partners Limited, consider the terms of the transaction to be fair and reasonable insofar as the shareholders of the Company are concerned. In advising the independent Directors, John East & Partners Limited has relied upon the commercial assessment of the independent Directors.
Enquiries:
Walcom Group Ltd +852 2494 0133
Francis Chi (Chief Executive Officer)
Albert Wong (Chief Financial Officer)
John East & Partners Limited +44 20 7628 2200
Jeffrey Coburn/Simon Fox
About Walcom
Walcom is a Hong Kong based manufacturer and distributor of "clean" animal feed additives. Walcom's products are based on Cysteamine, a natural metabolite generated in animals' bodies which participates in animals' physiological `growth axis' to stimulate the animals' natural growth hormone level. The Company's feed additives improve the health of the animals, reduce mortality rates, shorten the time taken to reduce maturity, increase the protein content in animal food products, increase egg laying and reduce eggshell breakage and build resistance to disease. Walcom's feed additives are "non hormonal", "non antibiotic" and "non gene-altering".
WALCOM GROUP LTD