3rd May 2007 07:01
IP Group PLC03 May 2007 For immediate release 03 May 2007 IP Group IP GROUP LAUNCHES MODERN WASTE SUBSIDIARY IP Group plc (LSE: IPO) ("IP Group"), the intellectual propertycommercialisation company, is delighted to announce the launch of a newsubsidiary, Modern Waste Limited ("Modern Waste" or "the Company") to establishand exploit a portfolio of innovative sensing, monitoring and controltechnologies and apply them to the waste and recycling markets. The creation of Modern Waste forms an integral part of IP Group's strategy ofestablishing businesses, run by experienced and specialist management teams, toaddress particular issues affecting the global economy through the creation andmanagement of a portfolio of intellectual-property based investments. Modern Waste is the third subsidiary that IP Group has created to address issuesof global importance, having launched Modern Water in December 2006 and ModernBiosciences in 2005. IP Group has committed £2 million in cash to Modern Wasteand has a 66% stake in the Company. Modern Waste is headed by Executive Chairman John Shepherd, the former ChiefExecutive Officer of First Technology plc, the sensing and safety and analysisbusiness which was sold to Honeywell International Inc. Mr Shepherd, aged 53,has spent the last two years advising on private equity transactions includingthe bid for First Technology plc as well as the successful acquisition of FirstTechnology Safety & Analysis, First Technology plc's crash test dummiesbusiness, by Hg Capital for £50 million. He was Chief Executive of FirstTechnology from March 2003 to June 2005 and remains Non-Executive Chairman ofFirst Technology Safety & Analysis. Prior to this, Mr Shepherd spent twelve years at Smiths Group plc in a number ofsenior positions including Managing Director of Smiths Detection where profitsincreased to £71 million from £2 million in his four-year post. He also oversawthree acquisitions during that period including the £235 million acquisition ofHeimann Systems. Prior to joining Smiths he worked for British Aerospace from1975 to 1990, during which time he spent 11 years in Germany. Mr Shepherd is joined by Karen West as Business Development Director. Miss Westpreviously worked with Mr Shepherd in strategic development roles at both FirstTechnology plc and Smiths Detection. She has more than ten years experiencehelping hi-tech manufacturing companies develop organic and acquisitive growthstrategies. Alan Aubrey, Chief Executive of IP Group, said: "We are delighted to beannouncing the launch of Modern Waste, our second new subsidiary in less thansix months and the third of our 'Modern-themed' subsidiaries. With waste andrecycling coming increasingly under the environmental spotlight, Modern Wasterepresents an important development in IP Group's strategy. John has anexcellent track record of building businesses both organically and byacquisition and we look forward to working with him to develop Modern Waste." John Shepherd, Executive Chairman of Modern Waste, said: "This is an excellentopportunity to work with IP Group which has built productive relationships withuniversities and which has a strong track record of successfully exploitingleading edge technologies. Modern Waste will build opportunities in the wasteand recycling markets by applying sensing, monitoring and control technologiesin innovative ways." For further information, please contact: IP Group plcAlan Aubrey, Chief Executive Officer 020 7489 5200Liz Vaughan-Adams (communications) 020 7489 5206/07979853802 Buchanan Communications 020 7466 5000Tim 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. The 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 31 December 2006, 53 spin-out companies had been created among the 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. 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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