11th Apr 2006 07:01
Polaron PLC11 April 2006 11th April 2006 Polaron plc Disposal of Oxford Nanoscience Ltd Polaron plc (LSE: POL) today announces that it has sold Oxford Nanoscience Ltd("ONS") to Imago Scientific Instruments, the US manufacturer of atom probesbased in Madison, Wisconsin. The total consideration was $4.35 million,satisfied by payment of $2.25 million in cash and the issue of $2.1 million ofpreferred stock. The cash will be paid in staggered amounts: $1.5 million oncompletion, $500,000 after 12 months and the remainder after 18 months, and willbe used to reduce net debt. Commenting on the transaction, Joe Stelzer, CEO of Polaron plc said: "I believe that the Atom Probe technology we have developed, together withImago's own impressive product developments and significant marketing andapplications resource will result in the adoption of the atom probe as theNanolytical(TM) tool of choice for the semiconductor market. Imago is wellplaced to become a dominant market player and I am pleased that whilst we areexiting from having direct involvement ourselves we will still have asignificant upside going forward. This disposal, anticipated in our recentinterim results, allows us to concentrate on running the profitable controlsbusiness, while enabling us to benefit from the future success of the combinedAtom Probe technology." Commenting on the transaction, Timothy Stultz, President and CEO of ImagoScientific Instruments said: "We are very excited about this acquisition and the impact it will have on ourbusiness going forward. By combining the ONS technology, products, intellectualproperty and Atom Probe Team with those of Imago, we further strengthen ourability to bring the best of breed and most comprehensive set of Nanolytical(TM)Solutions to the market and our customers. -ends- For further information, please contact: Polaron plc Tel: 01923 495513Joe Stelzer Financial Dynamics Tel: 020 7831 3113Juliet Clarke / Hannah Sloane Tel: +1 608 274 6880Imago Scientific InstrumentsTimothy Stultz About Polaron Following the recent disposal of its nanotechnology division, Polaron is now afocused and growing controls business operating as three core businesses:Lighting Control Products (operating as iLight and Zero88); Intelligent BuildingSystems (operating as DMS Controls and Polaron Integrated Systems) andEntertainment Lighting & Custom Install Distribution (Marata and Lightfactor).Customers include theatres, concert venues, private individuals, offices andhotels, such as the Burj al Arab Hotel, Dubai and The Royal Opera House, London. About Imago Imago Scientific Instruments Corporation is the recognized world leader in thedevelopment of Nanolytical(TM) tools and solutions for manufacturers, engineers,scientists and researchers involved in the nano-technology revolution. Imago iscommitted to the sustained advancement of nano-technology and continuallydevelops groundbreaking Nanolytical(TM) solutions specifically intended toaddress unique issues facing its clients and partners. Imago has developed a worldwide customer base and delivers support from a numberof locations in the United States, Japan, Europe and Asia Pacific. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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