Stanelco PLC
07 December 2004
7 December 2004
Stanelco PLC
Re: InGel Technologies Limited
Stanelco plc, the RF (radio frequency) applications group, is pleased to
announce that it has agreed a modified deal with Cardinal Health in relation to
its investment in InGel Technologies Limited (InGel), the Stanelco subsidiary.
Cardinal Health will continue to invest further in InGel shares, in the near
term a sum of approximately £410,000, and depending upon certain criteria being
met within two years, a possible further investment of up to approximately
£410,000. As a result of this transaction Cardinal's ownership in InGel would
increase in the near term from 5% to 7.6%, and if the further criteria are met,
to 10%.
Commenting, Ian Balchin, Chief Executive of Stanelco, said: 'This is good news
for Stanelco and we intend to apply the proceeds towards commercialising the
Company's RF sealing technology.
Stanelco's main focus at present is upon the commercialising of its RF
tray-lidding technology for food applications - which is completely unconnected
to the litigation with BioProgress. We have production trials commencing with
several large packhouses over then next few months and we look forward to the
results of these during the first quarter of 2005.'
For further information please contact:
Ian Balchin, Chief Executive
Stanelco PLC
Tel- +44 (0) 2380 867 100
Jonathon Brill
Financial Dynamics
Tel- +44 (0)20 7831 3113
Notes to Editors:
About Stanelco
Stanelco was founded in 1953 and is a world leader in the development of radio
frequency technologies for processing polymers for edible and packaging
applications and the design and manufacture of optical fibre technology,
induction heating and dielectric welding equipment. The Company's current core
business is the manufacture of optical fibre using Radio Frequency (RF)
technology. Stanelco has been applying its technology to other markets current
developments include biodegradable air cushion packaging, sealing of low-cost
conventional plastics for food packaging, water-soluble detergent capsules,
foamed starch trays, edible sachets and waste packing.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
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