21st Dec 2005 11:00
Hardide PLC21 December 2005 Press Release 21 December 2005 Hardide Plc ("the Company") Placing of 6,499,662 Placing Shares at 12.25p per share Hardide plc, the provider of unique surface engineering technology, announcesthat it has raised £796,209, before expenses, by way of a Placing of 6,499,662new Ordinary Shares at a price of 12.25p per Share. The new monies raised in the Placing will fund the establishment of amanufacturing facility in Houston, Texas, USA as mentioned in the Company'sinterim results announced on 13 December 2005. The Company has made application for the new Ordinary Shares to be admitted totrading on AIM and admission is expected to take place on 29 December 2005. Jim Murray-Smith, Chief Executive, said: "This Placing will enable the Companyto reach the next stage in its development following our successful admission toAIM earlier in the year and the encouraging preliminary results recentlyannounced. "The funds raised will be used to establish a manufacturing facility in Houston,Texas to meet rising order levels and an increase in customer enquiries from theUS. Demand for Hardide's product is strong and I am confident that amanufacturing presence in Houston will further promote Hardide to US customers,in particular in the oil and gas and aerospace sectors." Ends For further information:Hardide plcJim Murray Smith, Chief Executive Tel: +44 (0) 1869 353 [email protected] www.hardide.com Seymour PierceSarah Wharry / Jeremy Porter, Corporate Finance Tel: +44 (0) 20 7107 8000 Media enquiries:AbchurchChris Lane / Katherine Murphy Tel: +44 (0) 20 7398 [email protected] www.abchurch-group.com Notes to editors Hardide provides and applies tungsten carbide coatings to a wide range ofengineering components. The Company's patented technology is unique in that itcombines both abrasion and corrosion resistant properties in one coating. Whenapplied to components, the technology is proven to offer dramatic cost savingsthrough reduced downtime and extended component life. Customers include leadingcompanies operating in oil and gas exploration and production, valve and pumpsmanufacturing and general engineering. Founded in 2000, Hardide operates three industrial coating facilities inBicester, Oxfordshire, UK. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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