New Venture Company

29 Mar 2006 07:02

Angle PLC29 March 2006 For Immediate Release 29 March 2006 ANGLE plc ('ANGLE' or 'the Company') New Venture Company: InnoMatica Ltd ANGLE plc ('ANGLE'), the venture management and consulting company specialisingin the commercialisation of technology, is pleased to announce the launch of itslatest venture company, InnoMatica Ltd ('InnoMatica'). In accordance with ANGLE's Progeny(R) process for creating new ventures,InnoMatica has secured intellectual property that is set to revolutionise theUS$1.2bn per annum global market for percussive power tools by reducing operatorexposure to vibration, the principal cause of medical conditions such asVibration White Finger (VWF). The technology has been developed over ten yearsby a team of leading engineers, academics from the University of Cambridge andmembers of the power tools industry. The scale of the vibration problem is substantial. In 2001, over 35% ofemployer's liability insurance claims were for Hand Arm Vibration Syndrome(HAVS), a debilitating condition caused by exposure to hand transmittedvibration. The Health and Safety Executive (HSE) estimates that there are around300,000 sufferers of VWF, the most common form of HAVS, in the UK, with around 2million people regularly exposed to high levels of vibration. Costs of settlinga single VWF claim can exceed £200,000. Since the implementation throughout Europe of the Physical Agents (Vibration)Directive (approved by the UK Parliament as The Control of Vibration at WorkRegulations, July 2005), employers have been bound to adhere to specific limitson employee exposure to vibration in the workplace. The only method ofsignificantly reducing the vibrations generated by percussive power tools, suchas road breakers, is by increasing the mass of the tool; yet practical andregulatory issues prevent the movement of such heavy tools. As a result,employers have had to either limit the time a single employee may use a tool oruse deliberately underpowered tools in order to comply with the regulations. InnoMatica holds the solution to this problem in the form of its Variable MassTechnology (VMtechnologyTM). This technology reduces tool vibration to a levelthat allows a single operator to use a powerful percussive power tool for up tofour times longer than existing products. This not only removes the need fortime limits or power reduction, but also provides the operator with a much saferand easier to use tool. In accordance with ANGLE's Progeny(R) process for creating new ventures, ANGLE'splan is to build a strong commercial offering, seeking a return on itsinvestment in the medium term. ANGLE expects to invest up to £400,000 in theProgeny(R) venture, which is presently wholly owned by ANGLE. Once InnoMaticahas exercised its option to acquire the technology, ANGLE's equity stake in theCompany will be 61%. ANGLE's Chief Executive, Andrew Newland, said: "The power tools and construction industries are worth US$1.2bn per annum, andthey have long awaited a solution to the injuries caused from vibration powertools. We are delighted to be at the forefront of a technology that dramaticallyenhances productivity, not only solving the financial and legislative issues butalso addressing human safety." Chief Technology Officer of InnoMatica, Dott. Giovanni Bisutti, said: "InnoMatica's technology provides a genuine new standard for health, safety,productivity and operator comfort in percussive power tools. We intend toaddress the major legislative and productivity issues currently facing theindustry." For further information ANGLE plc +44 1483 295830Andrew Newland, Chief ExecutiveStephen Bence, Director of New Ventures Buchanan Communications +44 20 7466 5000Richard Darby, Suzanne Brocks, James Strong, Amy Rajendran Note to editors: About ANGLE Founded in 1994, ANGLE is an international venture management and consultingcompany focusing on the commercialisation of technology and the development oftechnology-based industry. ANGLE creates, develops and advises technologybusinesses on its own behalf and for its clients. ANGLE operates from officesin the UK, the US and the Middle East. ANGLE is listed on AIM (AGL.L); further information can be found atwww.angleplc.com This information is provided by RNS The company news service from the London Stock Exchange