PFIT Pressfit

TIDMPFIT

RNS Number : 4517Z

Pressfit Holdings PLC

11 December 2014

11 December 2014

Pressfit Holdings plc

("Pressfit Holdings" or the "Company")

Purchase Orders from AMCO Group

Pressfit Holdings plc (AIM: PFIT), a manufacturer and distributor of stainless and carbon steel pipe connectors, announces that the Company has accepted two orders of US$33,079.52 and US$12,553 (approximately GBP21,243 and GBP8,061) for a total of 23,742 pressfittings (the "Orders") from AMCO ENGINEERING (H.K.) Co., Ltd. ("AMCO Engineering").

The Orders are non-manufactured orders (as referenced in the Company's admission document dated 28 July 2014, the "Admission Document"), whereby Pressfit Holdings will use its administrative infrastructure to export pressfittings which have been manufactured by domestic third party manufacturers. The Orders are for stainless steel, carbon steel and copper pressfittings.

Pressfit Holdings' Director and substantial shareholder, Ng Siu Wai ("Eric Ng"), has a 70% holding in AMCO Engineering. AMCO Engineering is a member of the group of companies which are defined in the Company's Admission Document as the "AMCO Group". The AMCO Group is a group of international companies engaged in the research, manufacture and distribution of stainless steel, carbon steel and copper pressfittings, in respect of which Eric Ng is directly or indirectly a shareholder and/or a director and/or has an ongoing business relationship.

Eric Ng is a Director of Pressfit Holdings and is also an indirect major shareholder in Pressfit Holdings, by virtue of him being the sole shareholder and director of GXM (AMCOPRESS) GROUP CO., LIMITED, which owns 27.99% of the issued ordinary share capital of the Company. AMCO Engineering is a Related Party of the Company, pursuant to the AIM Rules for Companies ("AIM Rules").

The acceptance of the Orders constitutes a Related Party transaction for the purposes of Rule 13 of the AIM Rules. The Independent Directors being the Directors of Pressfit Holdings, other than Eric Ng, having consulted with the Company's nominated adviser, Daniel Stewart & Company Plc, consider that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

As referenced in the Company's interim results for the six months ended 30 June 2014, which were announced on 30 September 2014, the Company continues to work to increase revenues, sales leads and new client interest, particularly with its partner companies and distributors.

Enquiries:

 
Pressfit Holdings plc 
Chiu Yung Kit (Henry Chiu)                         +852 2207 0235 
 
Daniel Stewart & Company Plc (Nominated Adviser) 
Paul Shackleton / Alex Brearley                    +44 (0) 207 776 6550 
 
Daniel Stewart & Company Plc (Broker) 
Martin Lampshire                                   +44 (0) 207 776 6550 
 
First City Public Relations 
Allan Piper                                        +852 2854 2666 
 

About Pressfit Holdings plc.

Pressfit Holdings is engaged in the manufacture and distribution of stainless and carbon steel pressfittings for use within industrial and residential piping systems. Pressfitting is a method of mechanically joining metal pipes to a connector, to create a reliable sealed joint. Pressfit Holdings, through its wholly-owned subsidiaries (collectively the "Group"), uses bespoke tooling to manufacture high-precision, thin-walled pipe connectors for supply to the European, Asian and Chinese markets. The Group's management and sales functions operate from Hong Kong. The Group's manufacturing unit is a production line facility in nearby Zhuhai, within Guangdong province in China.

This information is provided by RNS

The company news service from the London Stock Exchange

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