Disposal of Magma Firestop
October 06 2010 - 2:00AM
UK Regulatory
TIDMPROV
RNS Number : 9070T
Proventec PLC
06 October 2010
+------------------------------+------------------------------+
| Press Release | 6 October 2010 |
+------------------------------+------------------------------+
Proventec plc
("Proventec" or the "Company")
Disposal of Magma Firestop
Proventec plc (AIM:PROV, Alternext:ALPTC), a provider of specialist steam
cleaning technologies, today announces that it completed the sale of its entire
holding in Magma Firestop ("Magma") on 30 September 2010 to AD Research &
Development BV, part of AD International, a Dutch-based chemicals manufacturer.
The sale of Magma to its largest supplier is in line with the Company's stated
strategy of exiting its non-core investments.
Magma develops a wide range of fire retardant coatings, for the treatment of
building and thatching materials. The proceeds of the sale will be used to
develop Proventec's core business.
David Chestnutt, Chief Executive of Proventec, said: "The Board continues to
follow our strategy of exiting non-core investments. We remain committed in
maximising shareholder value and the disposal of the Magma allows us to focus
our efforts on achieving this."
- Ends -
For further information, please contact:
+-----------------------------------+--------------------------+
| Proventec plc | |
+-----------------------------------+--------------------------+
| David Chestnutt, Chief Executive | Tel: + 44 (0) 151 706 |
| | 0626 |
+-----------------------------------+--------------------------+
| dchestnutt@proventecplc.com | www.proventecplc.com |
+-----------------------------------+--------------------------+
+-----------------------------------+--------------------------+
| Seymour Pierce Limited |
+--------------------------------------------------------------+
| Nicola Marrin | Tel: + 44 (0) 20 7107 |
| | 8047 |
+-----------------------------------+--------------------------+
| Corporate Finance | www.seymourpierce.com |
+-----------------------------------+--------------------------+
Media enquiries:
+-----------------------------------+---------------------------+
| Abchurch Communications | |
+-----------------------------------+---------------------------+
| Henry Harrison-Topham / Simone | Tel: +44 (0) 20 7398 7702 |
| Elviss | |
+-----------------------------------+---------------------------+
| henry.ht@abchurch-group.com | www.abchurch-group.com |
+-----------------------------------+---------------------------+
Notes to editors:
Proventec manages a complementary portfolio of integrated businesses that
specialise in hygienic solutions. Headquartered in Liverpool, UK, the Company
operates in global markets, pioneering developments within the healthcare, food
manufacturing, hospitality industries, transportation, construction, and other
sectors. Companies in Proventec's portfolio include:
+-----------------+----------------------------------+-----------+
| Company | Business area | Employees |
| | | |
+-----------------+----------------------------------+-----------+
| OspreyDeepClean | The world's leading provider of | 34 |
| | low pressure, chemical-free, | |
| | specialist dry saturated steam | |
| | cleaning technology. | |
| | | |
+-----------------+----------------------------------+-----------+
| Contico | Provider of general cleaning | 45 |
| Manufacturing | products and janitorial | |
| | equipment and supplies. | |
| | | |
+-----------------+----------------------------------+-----------+
| Frank | Manufacturer and distributer of | 22 |
| | automated cleaning systems and | |
| | products including portable high | |
| | pressure washers, self-service | |
| | vehicle wash stations and dry | |
| | steamers. | |
| | | |
+-----------------+----------------------------------+-----------+
Proventec Healthcare provides innovative solutions for infection control and
effective cleaning in the healthcare sector. The Company's specialist steam
cleaning technology has been successfully proven in clinical trials with
University College London Hospitals to rid all areas and combat the spread of
micro-organisms, including 'superbugs' such as MRSA and Clostridium difficile.
The Company, which employs a team of five, has developed specialist, patented
tooling, which has been designed to be used within hospitals on a daily basis
and enable the user to clean difficult to reach areas including mattresses, bed
frames and curtains without the use of antimicrobial chemicals that may
contribute to microbial resistance.
The Company joined the AIM Market in June 2002 and was dual listed on Alternext
in May 2008. For further information please visit www.proventecplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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