Update on JV sale & trading

5 Feb 2008 07:00

Nature Technology Solutions Limited05 February 2008 Nature Technology Solutions Limited ( Nature and "NSO" ) Extension of Letter of Intent with regard to the sale of Nature's interests in Gibraltar. Onshore trials with regard to possible North Sea deployment by the Nature Group of the containerised offshore rig waste treatment unit developed by Nature. Trading for the year ended 31st December 2007. Further to the announcement made on 28th November 2007, the Directors of Natureannounce that completion of the intended transaction to sell its 50% interest inits Gibraltar based JV Slop Oil Reception and Treatment Limited (SORT) to asubstantial Mediterranean based oil waste group will require an additionalperiod of time. This is due principally to the requirement for certaindocumentation, such as the change to the site lease with the Government ofGibraltar, to be approved as well as the finalisation of documentation betweenthe purchaser and the continuing JV partner. The Directors of Nature , after dueenquiries , believe that there should be no material impediments to theconclusion of the transaction , with the majority of the Purchaser's duediligence now completed , and as such the Purchaser and Nature have accordinglysigned a formal extension of the Letter of Intent for a maximum period of 6weeks. As announced in the previous release Nature has undertaken a review with it'sprofessional advisers as to the possible arrangements for a return of capital toshareholders enabling such return of funds to be free of tax in the recipientshands, subject to individual shareholders circumstances. A circular will be sentto shareholders in due course. Additionally the Norwegian operations of Nature in Stavanger have receivedspecific wastes from a designated offshore rig, which enters a new operatingcontract at end April , and have carried out trials as to treatment of suchwastes onshore last week. It is hoped this may lead to a first deployment of theOffshore Rig Unit ("OTU"). The Directors of Nature are also pleased to announce an improvement in tradingfor the year ended 31 December 2007. Preliminary results are expected to bereleased in May. *************************************** For further information, please contact: Nature Technology Solutions LimitedNigel Sandy, Director Tel: 01373 473995 Seymour Pierce LimitedJonathan Wright, Director Tel: 020 7107 8000 This information is provided by RNS The company news service from the London Stock Exchange