11th Sep 2018 10:18
LONDON (Alliance News) - Haydale Graphene Industries PLC shares fell on Tuesday as the advanced materials group said it is holding talks with the Amiblu Technology AS research team to discuss "the next steps" after a disappointing trial to develop new pipeline products.
Shares in the company were trading down 9.6% at 47.00 pence following the news.
The results of a trial in March for Amiblu Technology, formerly Flowtite Technology, "did not show the improvements Haydale had hoped for", the company explained.
Amiblu Technology is the glass fibre reinforced plastic pipe technology and research and development centre of the Saudi Arabian Amiantit Co with which Haydale partnered to develop glass fibre reinforced plastic products in May 2016.
"Whilst the last test results are disappointing we are still looking to continue to engage with Amiblu and iterate towards a solution which will greatly improve their product offering," Haydale Graphene Chief Operating Officer Keith Broadbent said.
Furthermore, Haydale said it extended a supply contract with an unnamed industrial manufacturer worth USD3.3 million.
The contract to supply Silicon Carbide micro-fibre covers a five-year term, with the extension representing an increase of USD1.4 million in the company's order book value which now stands at USD5.46 million.
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