21st Dec 2005 08:00
Gas Turbine Efficiency PLC21 December 2005 Gas Turbine Efficiency plc ("GTE" or "the Company") First Day of Dealings 21 December 2005: Gas Turbine Efficiency plc, a leading supplier of advancedhigh pressure gas turbine cleaning systems, announces that the Company's shareshave been admitted today to trading on the AIM market of the London StockExchange plc. The Company's trading symbol is "GTE". 18 million new ordinary shares have been placed with investors at 30p per share,raising approximately US$9 million (£5.4 million), before expenses for GTE.EIG Venture Capital Limited, the existing major shareholder in the Company, hasinvested a further £1 million as part of the issue and will hold approximately47% of the Company's issued share capital on admission to AIM. GTE's totalissued shared capital will amount to 43,750,500 ordinary shares on admission,capitalising the Company at approximately US$23 million (£13.1 million) at thePlacing Price. The Company's nominated adviser and broker is Libertas Capital. Enquiries: Gas Turbine Efficiency plcSteven Zwolinski + 46 8 546 10 500 Libertas CapitalAamir Quraishi, Charles Goodfellow + 44 20 7569 9650 Corfin CommunicationsNeil Thapar, Harry Chathli + 44 20 7929 8989 Notes to Editors About GTE GTE develops, assembles and markets cleaning systems and other associatedequipment for the internal cleaning of gas turbine compressors. Products aresold globally to international blue chip customers in the aviation andindustrial (including power generation, industrial, marine and oil and gasapplications) sectors. Founded in Sweden in 1988, the Group comprises a UK parent company and Swedishand US subsidiaries. Its operational centres are located in Stockholm, Swedenand Houston, Texas, USA. For the year ended 31 December 2004, the Group generated turnover of US$2.5million and incurred a loss before tax of US$1.0 million. For the six monthperiod ended 30 June 2005, the Group generated turnover of US$2.3 million andincurred a loss before tax of US$0.9 million. The gas turbine industry can be divided into two major sectors as follows: Aviation - This includes all commercial and military aircraft engines. Theseengines require washing at intervals ranging from daily to once every fewmonths. The Directors estimate that there are over 40,000 commercial and over80,000 military engines in operation, with almost 2,000 new commercial units and 600 military engines being manufactured annually. Industrial - The gas turbines in this segment are in use in power generation,industrial, marine and oil and gas applications. The Directors estimate thatapproximately 40,000 units are in operation, with more than 1,000 new unitsmanufactured annually. The GTE Solution The GTE system provides an effective high pressure cleaning solution which, inthe case of the aviation sector provides for a shorter and less costly processand, in the case of the industrial sector, enables engines to be washed whenon-line without requiring the engine to be shut down. The added benefits ofon-line washing provide both fuel efficiency savings as well as availabilityimprovements, due to the elimination of a portion of the off-line or shutdownevents. The system can additionally be used for normal washing during ashutdown or outage period or for normal off-line washing with detergent. Of particular relevance in today's market of increasing fuel prices, the savingsbenefit achieved as a result of the GTE gas turbine cleaning services havebecome more pronounced. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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