Gas Seals Agreement

1 Feb 2007 07:01

Corac Group Plc01 February 2007 For Immediate Release 1 February 2007 Corac Group plc Gas Seals Agreement Corac Group plc is pleased to announce that agreement has been reached forAESSEAL plc to assume the IPR and continued engineering development, along withthe manufacture and sales of Corac's patented high pressure gas seals. As aresult, Corac Group will not incur any further costs on the seals element of itsbusiness, but will still be entitled to receive royalties on sales of theproduct. Professor Gerry Musgrave, Executive Chairman of Corac, said: "AESSEAL is in the best position to take this technology forward which will notonly help Corac's margin going forward but also Corac's strategy in focussingresources on the significant Downhole opportunity." For further information: Corac Group plc 01895 813463Prof. Gerry Musgrave, Executive ChairmanTom Ivings, Finance Director Buchanan Communications 020 7466 5000Richard Darby, Suzanne Brocks, Ben Willey NOTES TO EDITORSCorac is an intellectual property, engineering and licensing group which holdsmany patents. It focuses on high speed electrical direct drive turbo machinerybased on its unique expertise in gas bearings. Corac has created an innovative'no oil' turbo compressor together with a unique gas seal, and is part of ajoint industry programme for the downhole gas extraction industry.Further information on Corac is available on the internet at www.corac.co.uk This information is provided by RNS The company news service from the London Stock Exchange