Contract Win

RNS Number : 7470Y

Angle PLC

10 July 2008

 



For Immediate Release

10 July 2008

ANGLE plc

ANGLE Long-term Management Contract Win

Contract Value Increased by £1.7m to £5.4m

ANGLE plc ('ANGLE' or the 'Company'), the intellectual property and technology commercialisation company, is pleased to announce that following confirmation of preferred bidder status in February 2008, it has now been awarded the long term management contract of the London Development Agency's (LDA) Knowledge Connect Programme. 

In addition, it was originally announced that the value of this contract to ANGLE would be £3.7 million over three years. However, as a result of the LDA’s success in principle in securing European ERDF funds to support the programme, ANGLE is today pleased to announce that, subject to contract finalisation, the value of the Programme will be increased by £1.7 million to £5.4 million, once again over the next three years.

The  Knowledge  Connect  Programme  aims  to  increase  the  level  of  business research and development  in London  by  creating  new collaborations between business  and the London knowledge  base,  with a  focus on enterprises that  have not previously worked with this sector.

 

This flagship Programme, a core part of the LDA’s Knowledge Transfer Strategy, will engage with a minimum of 2,880 businesses and involve ANGLE working intensively with more than 470 businesses across London. The Programme is being established to raise the performance and aspirations of London’s businesses by providing effective support for research and development, knowledge transfer and innovation across the Capital.

 

ANGLE was selected following a competitive tendering process on the basis of its experience in delivering similar business support programmes in London, UK wide and internationally. Additionally ANGLE has developed techniques which it was able to demonstrate have secured successful knowledge transfer from academic and research institutions across the World and that have measurable business benefits for a wide range of small and medium sized enterprises (SMEs).

Andrew Newland, Chief Executive of ANGLE, said:

'ANGLE's Management services business is a key feature of the Company's business model.  The division provides top line revenue, is profitable and cash generative. However, it also provides the Company with access to leading academic, research and science organisations internationally, raising the profile of the whole Group and providing access to high quality IP commercialisation opportunities.

The award of this contract is not only a further success for our Management services business, but also underlines our strategy of focusing on long-term contracts that have the potential to generate significant revenues and earnings for the Group. We are delighted to be working on this project with not only the London Development Agency, but also more broadly with London's business and research communities to help identify new opportunities and secure business growth through knowledge transfer and innovation.”

Garth Selvey, Chairman of ANGLE, added: 

'This project adds to the strength of our Management services business, which provides the platform for the creation of real value in ANGLE's Progeny operation.  

The Board believes that in the last five years ANGLE has generated significant inherent value in its underlying portfolio of companies, several of which are now at a stage of development to potentially deliver substantial cash returns for shareholders.'

Enquiries:

ANGLE plc	01483 295830
Andrew Newland, Chief Executive Ian Griffiths, Finance Director
Collins Stewart Europe Limited Mark Connelly, Stewart Wallace	0207 523 8350
Scott Harris  Stephen Scott, James O'Shaughnessy, Harry Dee	0207 653 0030
Buchanan Communications Suzanne Brocks, James Strong	0207 466 5000

Notes to Editors

Founded in 1994, ANGLE is an international venture management company focusing on the commercialisation of technology and the development of technology-based industry. ANGLE creates, develops and advises technology businesses on its own behalf and for its clients.  

ANGLE is an active investor in high growth companies in the medical and technology sectors in both the UK and the US, taking operational responsibility for the companies as subsidiaries during the development phase and maintaining a substantial shareholding and close involvement during the growth phase. ANGLE has significant holdings in 10 portfolio companies developing proven technologies targeting substantial commercial markets. ANGLE is listed on AIM (AGL.L); further information can be found on www.ANGLEplc.com 

 

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