15th Mar 2005 07:00
15 March 2005 Pursuit Dynamics plc AGM Statement John Heathcote, CEO of Pursuit Dynamics plc, will make the following remarks attoday's AGM:"The year to 30 September 2004 was one of great progress and I am happy toreport that the period since then has seen a continued move towards thecommercialisation of the PDX technology. The rollout of the Sonic 25 in January2005 and the signing of distributors in Spain and France in February, inaddition to our existing UK distributors, have given us the sales platform weneed to impact the food processing market. To illustrate this we have attractedover 100 serious enquiries for the Sonic 25 from just two food equipmentmanufacturing shows in Spain and France in the past month alone. In order tomeet the growing demand for trials of the Sonic 25 in our test kitchen, we havecommissioned a further system, which will be available to customers. We havealso recently installed the first PDX evaluation circuit with a customer in theUnited States."Our distributors and our sales people are doing an excellent job with ourexisting customer base in both the food and soft drinks markets and theirefforts are now being reflected in an increasingly healthy number of customergenerated quotes for both the Sonic 25 and retrofit systems. We expect toannounce the first sales of the Sonic system shortly. Formal rollout of theSonic 25 is expected to take place in the United States later this year,probably in the autumn."Following successful live fire trials in Sweden at the end of 2004, we areactively seeking to license our FireMist‚® fire suppression system to asignificant global partner during 2005 in order to access the fixed and mobilefire suppression markets, both land based and maritime. In addition, the USDepartment of Defense's Naval Research Laboratory in Washington has invited usto trial the FireMist system aboard ex-USS Shadwell in Mobile Bay, Alabama,during the summer of this year."Research over the past two years has given us confidence that the PDXtechnology has applications in a number of areas in oil production,particularly in the field of oil sands and refining. To this end we have formedPursuit Resources Ltd. (PRL). Our Joint Venture partners, TM Services, have asuccessful track record in the oil industry. We retain ownership of 80% of PRLand TM Services are obliged to fund the evaluation programme up to ‚£130,000over the two-year licence period."The increasing success of our US sales office has inevitably meant that weneed to employ more staff. In order to facilitate both this and relationshipswith potential commercial and government customers, we are currentlyincorporating Pursuit Dynamics in Delaware. We are in discussion with a numberof distributors in the United States and expect to have a North American-widesales, distribution and support system in place during 2005."Furthermore at the AGM, Ron Trenter, Chairman of Pursuit Dynamics, announcedhis intention to step down from the Board once a suitable replacement had beenappointed. Ron Trenter added:"I have thoroughly enjoyed my tenure as Chairman and I am proud to have playedmy part in the development of a business that I believe has global potential. Ilook forward to following the story of Pursuit Dynamics as it unfolds." ENDS For additional information, please contact:Pursuit Dynamics plc 01763 250 592John Heathcote, Chief ExecutiveGary Pyle, Finance DirectorCapital MS&L 020 7878 3181/Nick Lockwood 07930 486 880Note to Editors:TM Services is a major international consulting group, specialising inproviding high level management and technical consulting services to the oiland gas, chemical, process, mining and related sectors. The company wasestablished in 1980 and has carried out projects for many of the world'sleading companies in over thirty-five countries, ranging from Europe to Africa,the Middle East, South-East Asia, Australasia and the Americas.ENDPURSUIT DYNAMICS PLCRelated Shares:
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