30th Sep 2005 07:01
Kiotech International plc30 September 2005 Press Release 30 September 2005 Kiotech International plc Signs distribution agreement with Rapala & announces Board Change Kiotech International plc, the provider of pheromone biotechnology for fishfarming, commercial and sports fishing, today announces it has signed anexclusive worldwide distribution agreement with Rapala VMC Corporation forUltrabite, Kiotech's pheromone-based appetite and bite-inducing additive aimedat the global sports and leisure fishing market. Rapala VMC Corporation is the world-leading manufacturer and distributor offishing lures, and one of the largest distributors of premium fishing tackle.The Group is based in Minnesota, USA, with subsidiaries in 12 countries and adistribution network covering more than 130 countries. Rapala's primarymanufacturing facilities are located in Finland, France, Ireland, Estonia andChina. In 2004, the Group generated net sales of €174 million. Ultrabite is Kiotech's first pheromone-based fishing product. It can be used inall forms of sports and leisure fishing - course, sea and game - with differingformulae being sold for different species. In the UK alone it is estimated thatthere are over 3.5 million anglers and in the US there are over 34 million. This agreement has led to an internal restructuring at Kiotech, the major resultof which is the resignation of the CEO, John Loftus, who will be joining Rapalato continue his role of worldwide marketing and sales of Ultrabite. Nick Scott,Chairman, will assume the role of interim CEO pending the appointment of areplacement. The Company continues to maintain tight cost controls and therestructuring is expected to result in a significant reduction in overheads. Commenting on the agreement with Rapala and the resignation of John Loftus, NickScott, Chairman & Interim CEO, said: "We are delighted to have signed thisagreement with Rapala, which we believe significantly increases the salespotential of our Ultrabite product. It also enables Kiotech to focus on thedevelopment of products targeting the aquaculture and commercial fishingmarkets, where we believe a major commercial opportunity exists. "We would like to thank John Loftus for his considerable efforts in leading thedevelopment of Kiotech, and in particular, our Ultrabite product. John hasextensive experience in the sports fishing market and this expertise is mostapplicable to the continuing promotion of Ultrabite. We look forward tocontinuing to work with John in his new role at Rapala." For further information, please contact:Kiotech www.kiotech.comNicholas Scott, Chairman Tel: +44 (0)20 7398 7700 Abchurch CommunicationsHeather Salmond/Charlie Jack Tel: +44 (0) 20 7398 [email protected] Notes to Editors Kiotech is a biotechnology company providing pheromone technology for the fishfarming, commercial and sports fishing markets. The Company is working in partnership with the UK Government agency, The Centrefor Environment, Fisheries & Aquaculture Science (CEFAS), which specialises insustainable management of the aquatic environment. This partnership hasdeveloped innovative pheromone technology to improve both the production andsustainability of the worldwide commercial fishing and fish farming(aquaculture) markets. At present, the Company produces Ultrabite, an attractant sold to the sports andleisure fishing markets, which has achieved sales in over 30 countries,including the US, Australia and Japan. The range of products in development are aimed at the commercial fishing andaquaculture industries where Kiotech expects to be in a strong position tosupply the market with products that will greatly increase the commercial andoperational efficiency of commercial fishing operations and fish farms. At thesame time these products are designed to help alleviate the growingenvironmental concerns that surround these industries. The Company is listed onthe AIM Market of the London Stock Exchange (symbol KIO). - Ends - This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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