PipeHawk PLC
8 July 2002
PRESS RELEASE
PipeHawk buys leading underground radar survey company
8 July 2002: PipeHawk, the international leader in the manufacture and
development of ground penetrating radar equipment, today announced the purchase
of Adien Ltd, a private company specialising in the provision of subsurface
radar surveying systems.
The initial consideration payable by PipeHawk is £250,000, satisfied by £50,000
in cash and the issue of 588,235 new ordinary shares of 1p at 34p per ordinary
share. Further consideration of a maximum of £300,000 is payable if the audited
pre-tax profits of Adien Ltd exceed £750,000 for the twelve months ending 30
June 2004. Application will be made for the initial consideration shares to be
admitted to trading on AIM. Admission is expected on 15th July 2002
As at 30 August 2001, the date of its last statutory accounts, the net assets of
Adien Limited were £27,200 and the profits before tax were £12,448.
By using PipeHawk's radar system as the core technology, and additionally
incorporating satellite positioning and mobile telephony, Adien has developed a
unique method of mapping underground pipes and cables and locating underground
obstructions.
Adien has over 100 customers including leading utilities and construction
companies. The requirement among these companies for accurate information
underground is continuing to rise dramatically.
Tony Norton, the managing director of Adien, has agreed to join the PipeHawk
board. He said: 'We look forward to working with PipeHawk to expand this service
in the UK. We welcome the prospect of developing service stations across Europe
and further afield to bring this service to a wider international market.'
Tony Norton has entered into a service contract with PipeHawk plc under which he
will receive a salary of £45,000 a year. The service contract is terminable on
twelve months notice given by either party.
PipeHawk's managing director Mike Bushell said today: 'Adien has taken three
years to get its business model into the right position for rapid growth. We see
this acquisition as the first stage in our plan to develop a network of leading
edge technology service companies.'
Information required to be disclosed under Schedule 2 (Rule (f) (ii) - (viii) of
the Aim rules.
Anthony Derek Norton age 40.
Current directorships/ partnerships Past directorships/partnerships
Aiden Ltd Online Backup Ltd
Mr. Norton was a director of Russleigh Ltd, a drain and sewer contractor, which
went into creditors voluntary liquidation in 1995, resulting in a shortfall to
creditors of £160,000.
Save as noted above, there are no details pursuant to Schedule 2, Rule (f) (ii)
- (viii)
For further information contact:
Mike Bushell, Managing Director, PipeHawk plc: 01420 590990
Tim Blackstone, Blackstone Business Communications: 020 7251 2544
John Finn or Sam Smith, J M Finn & Co: 020 7860 6352
This information is provided by RNS
The company news service from the London Stock Exchange
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