24th Jul 2007 07:00
3DM Worldwide PLC24 July 2007 For Immediate Release: 7am - Tuesday 24th July 2007 3DM Worldwide plc ("3DM" or the "Company") AGM Statement At today's Annual General Meeting the Chief Executive, Niall MacKay, will makethe following statement: "Commercial interest in the Powder Impression Moulding (PIM) process hasaccelerated over the course of the last 12 months and particularly since thebeginning of 2007 with the heightened public interest in the environment,climate change and recycling. There are a number of prospects which we hope will mature in the short term: Eco Sheet, the award wining product produced from mixed recycled plasticsdeveloped in conjunction with Bovis Lend Lease, has not only proven thecommercial viability of the PIM process but has generated significant interest.The numerous enquiries we have received indicate a strong demand for the productin the United Kingdom (UK). Negotiations with Express Recycling and Plasticsfor the UK product rights are on track subject to them confirming availabilityof funding. The DTI funded project in the UK in conjunction with Tesco and Bovis Lend Leasecontinues to move forward to plan. Tesco have identified a range of potentialproducts to be developed. The first draw down of funding from the DTI isexpected to be made in September of this year. The Kenyan and Hungarian projects continue to progress satisfactorily. TheCompany is awaiting further news from the Tanzanian Government on theapplication for funding of a recycling project in Tanzania. The Mediwall project to develop panels for the installation of ensuitefacilities into buildings in the health care sector announced on 9th July, 2007has commenced and initial funding has been received. The St James Marine project in the USA to develop barge covers has progressed onplan to the half way stage. The project requires the use of the largest toolever made for a plastics process to produce the nine parts that form the 200foot by 35 foot barge hatch covers. In the medium term, the following projects and opportunities are expected todevelop: Panel and sheet products for internal use have generated interest from severalmajor players in the construction industry. These products range from theMediwall project for specialist panels for the health care sector to replacementplaster board and fibreboard products for specialist applications. Discussionsare at an early stage with a number of potential licensees. The USCAR project to encapsulate components using the PIM process to reducevehicle weight and reduce assembly costs continues to progress satisfactorilywith GTI having received a purchase order for $400,000 for the manufacture ofmoulds. As previously announced, whilst 3DM will not receive any income fromthe development of these moulds, should this lead to commercialisation, 3DM willbenefit from royalties on subsequent sales. Also in the USA, the initial tests and research into producing anti-ballisticcomponents for the Kelly Aerospace project have been completed with promisingresults. Looking further ahead, there are a number of exciting projects currentlyunderway, including: The US Department of Housing and Urban Development (HUD) has approved a plasticcement encapsulation process for producing homes. The US Department ofAgriculture has also approved the process for farm and rural buildings. Theclient intends to use this process to erect 2 houses for testing. The Company intends to initiate further applications for European Union fundingfor plastic recycling projects in Europe in 2008. A licensing agreement has been reached with Eko Tek Products Ltd. (Eko Tek) anewly formed company, of which I am a director, is looking to exploit a range ofpolymer related products. The licence provides for non-exclusive developmentand manufacture for PIM products using a combination of polymer and organicfibres, such as wood flour. Eko Tek has been granted an option for exclusivityon payment of licence fees on a territory by territory basis. In addition, thelicence allows for Eko Tek to produce a range of slot together furniture and PIMproducts utilising anti-pollution coatings. In consideration for the licence,3DM will receive 30% of all licence and royalty revenues generated by Eko Tekfrom the use of the PIM process. 3DM will also receive a royalty from thedirect manufacture of PIM products by Eko Tek. The restructuring of the Company at the end of 2006 has put the business on amuch stronger footing, both simplifying the business model and significantlyreducing overheads. This has been achieved while maintaining the ability todemonstrate the process to potential clients and offer product developmentservices through our close working relationship with Environmental PolymerTechnologies Limited (EPT). The signing of the collaboration agreement with Arup earlier this year is amajor milestone in the development of the Company. The relationship with Arupprovides global access to a wide range of technical expertise and will allow 3DMto draw in resources on a project by project basis. This avoids the necessityof carrying expensive on going overheads to underpin the successful delivery ofthe turnkey projects offered to clients and provides 3DM with a highly flexiblebusiness model. In line with the Company's stated aim to simplify the business model, 3DM hasdisposed of its interests in Medical Waste Solutions for a consideration of£75,000. With the increased focus on how to address the legacy of waste plastics in anenvironmentally friendly manner, particularly across Europe, the Board will lookto further exploit the environmental credentials of the PIM process by focusingthe business strategy on the use of recycled polymers. Both the level of commercial enquiries and the resultant breadth of applicationsfor the PIM process are particularly encouraging. The Board remains confident offurther contract wins over the course of the remaining months of this year." ---ENDS--- For Further Enquiries: Niall Mackay, CEO 3DM Worldwide plc 020 7692 7002 Distributed by GTH Media Relations 020 7153 8035 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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