Joint Venture

16 Jan 2007 07:01

Amphion Innovations PLC16 January 2007 Amphion Innovations, plc Creation of a Gulf-based Joint Venture 16 January 2007, London, UK - Amphion Innovations plc ("Amphion"), a builder ofcompanies in life sciences and technology, today announces that it has signed aHeads of Agreement with a Gulf-based investment company, MS Holdings, backed bythe Al-Sayer and Al-Mutawa families of Kuwait, to create a Gulf-based jointventure, MSA Investors ("MSA"). The Gulf Cooperation Council countries of the Arabian Gulf now represent thefastest growing economy after China and India. Building on Amphion'scompany-building strategy and its long-standing ties to the region, the jointventure's objective will be to create new markets and strategic partnerships forAmphion's Partner Companies, identify new investment opportunities in the regionin areas of particular Amphion expertise and provide strong access to capitaland opportunities from both existing and new Gulf investors. Under the Heads of Agreement, Amphion commits to the formation and incorporationof MSA and to the establishment and operation of two additional companies to bemanaged by MSA, Saydanah and Suvani. Amphion's Gulf partners have committedUS$1 million to the creation of these companies and additional investment upontheir completion. Saydanah is being established by our partners in the region in order to bring "functional foods" to a sizeable and wealthy Arab market. Saydanah will be builtupon Amphion's experience and expertise in the field of nutrigenomics, a sciencethat identifies foods that alter gene expression for better health, through itsPartner Company, WellGen. Suvani, which has previously been incorporated by Amphion, is currentlyproviding skilled software and technology support services from India to AmphionPartner Companies, Motif and FireStar. Under the Heads of Agreement, Suvaniwill be merged with a Gulf-based radio frequency identification company (RFID),to be developed by MSA, with the aim of servicing a growing Gulf RFID market.It is expected that the new company will acquire an exclusive right todistribute the products in the Gulf of Amphion's Partner Company, Axcess, aleading RFID company. The Gulf partners have committed to provide an additional US$3.5 million to fundthe further development of MSA and its companies upon their formation. Amphionwill also transfer 500,000 shares in Motif to MSA in return for a 50% interestin the new Company. Following its initial capitalization, MSA will have anestimated enterprise value of $10 million. MSA is expected to be formed no later than 1 March 2007. In the event that MSAis not formed, then MSA shall invest the US$1 million by way of subscribing for166,667 shares in Motif, and investing US$500,000 in the Gulf-based companies tobe formed by Amphion in the future. Richard C.E. Morgan Amphion's Chief Executive Officer states: "The last several years have seen dramatic economic development in the Gulf,which has been matched by rapid growth in the region's capital markets. Whilethe region is relatively rich in capital and in talented people, there is littleexperience of building companies based on cutting edge technology. WithAmphion's 20 year history and track record of investment and close relationshipsin the Gulf region, we look forward to bringing our core strategy of buildingstrong companies with solid intellectual property to the Gulf." For further information please contact: Amphion Innovations plcJosh Berkman, Media Relations +1 (646) 747 7158 Financial Dynamics +44 207 269 7169John Gilbert About Amphion Innovations plc Amphion Innovations plc is listed on the AIM Exchange in London under the symbolAMP. Amphion's business is the formation, financing, management and developmentof life sciences and technology companies, primarily in the US and UK, workingin partnership with corporations, governments, universities and entrepreneursseeking to commercialize their intellectual property. Amphion's management teamhas built more than 30 companies in 20 years, all of which have achieved valuein excess of $120 million. On the web: www.amphionplc.com About Motif BioSciences, Inc. Motif BioSciences is a population genetics company focused on discovering genescausing common diseases by utilising human genetic data from the Persian/ArabianGulf region. Motif is headquartered in the US and London, with additionaloperations in the Gulf region to develop epidemiological, genealogical andgenetic information. On the web: www.motifbio.com About WellGen, Inc. WellGen, Inc., based in New Brunswick, NJ, is a biotechnology company that isdiscovering and developing products for food, therapeutics, and dietarysupplement markets. WellGen's technical platform is a method of screening theeffect of food and related substances on the expression of genes associated withhuman health conditions. The company has developed proprietary substances thathelp reduce risk and severity for a variety of diseases. On the web: www.wellgen.com About AXCESS International Inc. AXCESS International Inc. (OTCBB:AXSI), headquartered in greater Dallas, TX,provides Enterprise DotTM, Dual-ActiveTM RFID (radio frequency identification)and Real Time Location Systems (RTLS) for asset management, physical security,sensing and supply chain efficiencies. The battery-powered (active) RFID tagslocate, identify, track, monitor, count, and protect people, assets, inventory,and vehicles. The patented technology enables applications including: automatic"hands-free" personnel access control, automatic vehicle access control andlogistics management, automatic asset management, and sensor management. AXCESSis a portfolio company of Amphion Innovations plc. On the web: www.axcessinc.com About FireStar Software, Inc. FireStar is the provider of EdgeNode, the leading InterEnterprise Service Bussoftware product for building software applications that automate the exchangeof business transactions between companies that are business partners - buyers,sellers, suppliers, vendors, manufacturers, and distributors. FireStar'sEdgeNode expands the market for these InterEnterprise Transaction Applicationsby directly addressing key obstacles to broader adoption at a significantlylower price point than alternative approaches. On the web: www.firestarsoftware.com This information is provided by RNS The company news service from the London Stock Exchange