26th Sep 2007 08:00
Flightstore Group PLC26 September 2007 26 September 2007 Flightstore Group plc Acquisition by Flightstore Group plc ( in the course of changing its name toVPhase plc)("VPhase" or "Company") of Energetix Voltage Control Limited ("EVC") and admission to trading on AIM VPhase is pleased to announce that it has joined AIM and has acquired the entireissued share capital of EVC. EVC is engaged in the research and development of arange of products designed to reduce energy consumption whilst at the same timeseeking to make use of existing proven components. EVC was founded on 29September 2004 as a subsidiary of Energetix Group plc (LSE: EGX) which wasadmitted to AIM on 15th August 2006. Core Product EVC's core product is a device that controls the incoming voltage to a propertyto a set point. Although electricity is provided by generators and distributorsat a nominal specification, for instance domestic supplies are rated at 230volts in the UK and 110 volts in North America, the actual voltage levels canvary significantly. In the UK it is legally permissible for domestic electricityto be delivered at anywhere between 216V and 253V, with resulting effects onproduct performance and reliability. When fed with a higher voltage many household devices convert the additionalenergy into wasted heat and in some cases, such as light bulbs, this excessvoltage can result in a shortened operational life. The Voltage Control Device is based on an autotransformer and is designed totypically adjust high voltage down to the set point of the transformer,currently intended to be 220V. To ensure the Voltage Control Device can bemounted inside an existing consumer unit, the Voltage Control Device is designednormally to manage voltage circuits such as lights, television, and washingmachines. Today's Admission to AIM follows an Extraordinary General Meeting of theCompany's shareholders on Monday 24th September 2007 at which all resolutionswere duly passed. These resolutions included: the proposed acquisition of theissued share capital of EVC; the appointment of new Directors; and the change ofname of the Company to VPhase plc. The Company has appointed Zimmerman Adams International Limited as its NominatedAdviser and BankOra Limited as its Broker. The issued share capital of theCompany is 624,120,063 ordinary shares of 0.25p. For further information: VPhase plcAdrian Hutchings, Chairman Tel: +44 (0) 151 348 2111Richard Smith, Chief Financial Officer Tel: +44 (0) 151 348 2116 www.energetixgroup.com Zimmerman Adams 020 7060 1760Graeme ThomCharity Walmsley www.zimmint.com BankOra Limited 020 7099 1940Michael BrennanHenry Turcan www.bankora.com Media enquiries: Abchurch Communications 020 7398 7700Justin HeathMonique [email protected] www.abchurch-group.com -ends- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
365.LFlowgroup