4th Oct 2007 07:01
Modern Water PLC04 October 2007 4 October 2007 Modern Water invests in new purification technology, bolsters management and advances business plan • Investment in Stonybrook Water Purification Inc. provides access to cost-saving membrane technology• Key patents awarded, boosting Modern Water's plans to grow internationally• Further appointments largely completes senior management team Stonybrook Water Purification Modern Water plc ("Modern Water", the "Group" or the "Company") has made aninvestment in U.S. based Stonybrook Water Purification Inc. (SWP). SWP hasdeveloped a new membrane that is cost effective, strong and safe and can be usedto filter water several times faster than the speed ('flux') of currentstate-of-the-art membranes. This investment gives Modern Water access to SWP's leading technology. ModernWater will invest a total of $500,000 over three funding rounds out of totalfunding of $4.4m. Patents and Technology Developments Good progress has also been achieved in securing the patents for Modern Water'sown technology. The Power Generation Method of the Osmotic Energy patent application developedby Surrey Aquatechnology, Modern Water's subsidiary focusing on desalination,has been granted its European patent by the European Patent Office. SurreyAquatechnology has also received other individual country patent approvals forthe Manipulated Osmosis process of the Solvent Recovery Method, including thesole right to use the technology in South Africa. In addition, as part of Modern Water's drive to gain access to leading research,the Company has agreed to join the Questor Group, which provides Modern Waterwith valuable links to Queens University Belfast, Dublin City University andStevens Institute of Technology. Other members of the Questor Group include BP,Shell and Coca-Cola. Management Modern Water is also pleased to announce a number of senior managementappointments, both at Group and Business Unit level. These now largely completethe senior management team. Philip Walker joins Modern Water as Group Financial Controller after a period ona short-term contract with the Group. Philip was previously Chief FinancialOfficer at GMAC-Carland and has extensive experience in the utilities sector,including as an internal auditor at an international water utility. In addition, Nicki Randles has joined Cymtox Limited ("Cymtox") as ManagingDirector. Cymtox exploits a new technology that monitors water toxicity on acontinuous, real time basis. Modern Water owns 16.67% of Cymtox. Nicki wasformerly an International Technology Promoter at the DTI where she had specificresponsibility for brokering new technology deals. She has more than twentyyears of experience in the water and waste water sectors. Finally, Thomas Yeung joins Modern Water as a Business Development Director, toreview, prioritise, and coordinate the large number of business opportunitiesthe Group is receiving. Thomas was most recently CEO of the Montserrat Power andWater Utility Company. He also has extensive business development experience inthe international power sector. Neil McDougall, Executive Chairman of Modern Water, said: 'The stake we have taken in Stonybrook Water Purification represents anadditional building block for the Group and is in line with our strategy toinvest in valuable and complementary water technology. With the build up of thekey professional team, we are well placed to exploit the very encouragingprogress we are making in rolling out our technology. Modern Water is wellplaced to deliver its first projects on time.' ENDS For further information, please contact: Modern Water plcNeil McDougall 07740 930 303 HeadLand ConsultancyDudley White 020 7367 5226Tom Gough 020 7367 5228 KBC Peel Hunt, Nominated Adviser and BrokerJonathan Marren or Oliver Stratton 020 7418 8900 www.modernwater.co.uk Notes to editors * Modern Water listed on the London Stock Exchange AIM market in June 2007 having raised £30m. * The Group was established to build and exploit a portfolio of water technologies to address problems of the availability of freshwater and the treatment and disposal of wastewater. * The Group is initially concentrating on two distinct approaches to the water market being: (i) desalination; and (ii) the substitution of fresh water with sea water or recycled water for certain non-potable uses. * The Group's strategy is to acquire key stakes in appropriate technologies within these areas and to date has made investments in Surrey Aquatechnology Limited and Poseidon Water Limited. The Group also has an investment in Cymtox Limited. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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