13th Oct 2006 09:28
Symphony Plastic Technologies PLC13 October 2006 Trading Update and Placing Symphony Plastic Technologies Plc ("Symphony" or the "Group"), the degradableplastics and waste-to-energy company, is pleased to announce that following therecent interim results reported on Monday 25 September the Group is stronglyanticipating a move into profitability from quarter four of this year. Thisconfidence is driven by a sharp increase in received orders for the latter partof the year. The Group would also like to announce final settlement on the repayment of costsin relation to the court case with EPI. The final cost agreed to be repaid toSymphony is to be in excess of £300,000. This is in addition to the £600,000already received earlier this year. All matters surrounding the litigation havenow been concluded. The Group has also placed 6,300,000 ordinary 1 penny shares ("new ordinaryshares") at a price of 10 pence each in order to strengthen the balance sheet,improve cash flow and start the initial investment phase on the waste-to-energyproject. Matthew Turner, managing director, has purchased 250,000 new ordinaryshares as part of the placing. Following the placing, the directors have the following interest in the sharecapital of the Company: Michael Laurier 13.74%Matthew Turner 0.36%Ian Bristow 1.15%Nirj Deva 0.03% Application has been made for the new ordinary shares, which will rank paripassu with the existing shares in issue, to be admitted to trading on AIM, andadmission is expected to become effective on 19 October 2006. Michael Laurier, Chief Executive, said: "The business is moving forward progressively and the increase in forward ordersresulting in the Group anticipating profitability in the near future isencouraging. We are also delighted to announce the conclusion of the litigation with EPIallowing the business to move into 2007 free from the legal constraints thathave hindered the Group for so long. We look forward to the future with confidence" For further information, please contact: Symphony Tel: 020 8207 5900Michael Laurier, CEOIan Bristow, FD Panmure Gordon & Co Tel: 020 7614 8385Andrew Godber Citigate Dewe Rogerson Tel: 020 7638 9571Frieda MooreGed Brumby Further information on Symphony Plastic Technologies plc: Symphony develops and supplies environmentally responsible pro-degradentadditives as well as plastic packaging products. The Group's main technology,marketed under the d2w(R) registered trademark, causes plastic to degrade,leaving only water, a minimal amount of carbon dioxide and trace amounts ofnon-toxic biomass over a short time period. The d2w(R) product range includespro-degradent additives developed for an increasing variety of applications aswell as a range of finished flexible plastic products. Symphony has a diverse and growing customer base in the UK and has successfullyestablished itself as an international business after signing distributionagreements with companies in Argentina, Brazil, Canada & USA, Chile, Colombia,India, Mexico, New Zealand, Peru, Portugal, South Africa, the Caribbean, SaudiArabia, and Qatar. d2w(R) products can already be found in more than 40countries. Symphony is now marketing and developing innovative waste-to-energy technologyprocessing plants and is exploring various opportunities where there is a demandto increase recycling of waste plastics, tyres and other waste streams by costeffective processes. Further information on Symphony can be found at www.symphonyplastics.com andwww.degradable.net. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Symphony Env.