5th Feb 2015 09:21
LONDON (Alliance News) - Frontier IP Group PLC Thursday said portfolio company Alusid is preparing for commercialisation, completing a corporate restructuring, securing the necessary intellectual property, signing its first industrial partner, and appointing a chairman.
In a statement, Frontier IP said the restructuring means its ownership of Alusid has increased to 46% from 30%. Alusid is a spin-out from the silicate research unit of the University of Central Lancashire, formed to commercialise the university's technology.
According to Frontier IP, Alusid has signed a licence agreement with the university enabling it to exploit the technology commercially. The technology enables industrial waste materials to be turned into environmentally sustainable materials suitable for use in the global construction industry, Frontier said.
Alusid also has agreed a deal with Lancashire-based Recycling Lives Ltd for the supply of recyclable raw materials, plant and labour.
Anthony Attard, the chief executive of textiles company Panaz, has been appointed as the portfolio company's chairman.
"In order to accelerate its commercialisation Alusid intends, with the support of Frontier IP, to seek its first round of funding over the coming months," Frontier IP said.
Frontier IP shares were untraded on Thursday at 25.75 pence.
By Samuel Agini; [email protected]; @samuelagini
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