3rd Sep 2007 07:01
IP Group PLC03 September 2007 FOR IMMEDIATE RELEASE 03 September 2007 IP GROUP APPOINTS NON-EXECUTIVE CHAIRMAN IP Group plc (LSE: IPO) ("IP Group" or "the Company" or "the Group"), theintellectual property commercialisation company, is delighted to announce thatDr Bruce Smith, who has been a Director of the Company for five years, has beenappointed Non-Executive Chairman with immediate effect. Executive Chairman David Norwood will move to the position of Special ProjectsDirector, also with immediate effect, and will remain an Executive Director ofthe Group. Mr Norwood, Special Projects Director, said: "I am delighted to welcome Bruce tothe role of Non-Executive Chairman - the position he held when IP2IPO Group plcfloated on AIM nearly four years ago. The Company has seen tremendous growthsince then and, following IP Group's move to the Official List from AIM lastyear and to reflect its maturing profile, we felt the time was now right toappoint an independent Non-Executive Chairman. I am delighted that Bruce hasagreed to take on this position which will, in turn, enable me to focus solelyon my role of Special Projects Director - a role that I have effectively carriedout for some time." Dr Smith, aged 67, is Chairman of the Rainbow Seed Fund and Chairman of theCouncil of Smith Institute for Industrial Mathematics and System Engineering. Hewas also the Chairman and majority shareholder of Smith System EngineeringLimited until a management buyout in 1997. Before founding Smith System Engineering Limited, Dr Smith worked in designengineering for Decca Radar Limited after a period in the U.S. with BellcommInc. in the U.S. space programme. He is a Fellow of the Royal Academy ofEngineering, the Institution of Engineering and Technology and the Institute ofPhysics and a Domus Fellow of St Catherine's College, Oxford. Dr Smith became a Director of the Group in September 2002 and was appointedNon-Executive Chairman in September 2003, holding that role for a year duringwhich time the Group floated on AIM. In August 2004, he was appointed aNon-Executive Director, stepping down from the role of Chairman for familyreasons. Dr Smith said: "I have been a Director of the Group for five years during whichtime the Group has increased the number of University partnerships from 2 to 10,carried out two acquisitions, created three subsidiary companies and maturedconsiderably in its processes and systems. I am delighted to be taking on therole of Non-Executive Chairman at this exciting time and look forward to an opendialogue with our shareholders." For further information, please contact: IP Group plc 020 7444 0050 Alan Aubrey, Chief Executive Officer Liz Vaughan-Adams (Communications) 020 7444 0062/07979853802 Buchanan Communications 020 7466 5000 Tim Anderson, Mary-Jane Johnson, Mark Court Notes for Editors About IP Group IP Group Plc is an intellectual property (IP) commercialisation company thatspecialises in commercialising university technology. Founded in 2001, IP Grouplisted on AIM in October 2003 and moved to the Official List in June 2006. Ithas made two acquisitions to date - Techtran, a company set up to commercialiseuniversity intellectual property under a long term contract with the Universityof Leeds, in 2005 and Top Technology Ventures, an investment adviser to earlystage technology venture capital funds, in 2004. IP Group has formed long-term partnerships with ten universities - theUniversity of Oxford, King's College London, CNAP/University of York, theUniversity of Leeds, the University of Bristol, the University of Surrey, theUniversity of Southampton, Queen Mary (University of London), the University ofBath and the University of Glasgow. As at 30 June 2007, 60 spin-out companies had been created among IP Group'suniversity partners. Of those, eight have listed on the AIM market of the LondonStock Exchange, one on PLUS Markets and there have been two trade sales. IPGroup also has three 'Modern-themed' subsidiaries - Modern Biosciences, ModernWater and Modern Waste. Modern Water was the first of these subsidiaries tofloat on AIM in June 2007. For more information, please visit our website at www.ipgroupplc.com. ENDS This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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