DGAP-News: Nanostart AG: Nanostart-held ItN Nanovation achieves key milestone in international expansion
(firmenpresse) - Nanostart AG / Key word(s): Miscellaneous
27.10.2010 06:00
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Nanostart-held ItN Nanovation achieves key milestone in international
expansion
* Term sheet for establishing joint venture for the production and sale of
nanoceramic filter systems and accessories in Saudi Arabia signed with
investor group
* ItN Nanovation will hold 17.5 percent share, rising to 40 percent at a
later date
* ItN Nanovation will receive USD 2,350,000 for usage rights (recognised
directly in income)
* Joint venture has model character for international expansion
Frankfurt / Saarbrücken - October 27, 2010 - ItN Nanovation AG (ISIN
DE000A0JL461), a portfolio company of Nanostart AG, has announced a key
milestone in the international expansion of its ceramic flat filter
membrane technology, called CFM Systems(R), for water treatment
applications. The company has now agreed the terms and conditions for
establishing a joint venture in Saudi Arabia with a Saudi Arabian investor
from Jeddah and a consortium of German industrial investors. ItN Nanovation
will initially hold a 17.5 percent share in the joint venture, which will
later be increased to 40 percent. This rise has already been stipulated in
the term sheet and must be implemented by 2014.
The parties are likely to sign binding agreements regarding the joint
venture by the end of November.
According to the signed term sheet, ItN Nanovation will receive around USD
2.35 million (approximately EUR 1.75 million) up front for providing a
limited amount of locally delimited usage rights for the patented CFM
nanotechnology systems. ItN Nanovation will use around two thirds of this
sum for acquiring its share in the joint venture. The company is likely to
recognise this amount as other operating income for the current financial
year. Apart from this one-off payment, ItN Nanovation will also receive
additional royalties that will be recognised in income. Due to the
company's share in the joint venture, it will also participate in the
profits and losses as well as value creation of the joint venture on a
pro-rata basis.
The joint venture will operate under the name of Saudi Water Nanovation and
produce and sell CFM Systems and accessories for flat filter membrane
solutions at its own premises in Saudi Arabia. Plans are for the joint
venture to construct a plant that will have three times the capacity
available to ItN Nanovation AG at present once it reaches the last
construction phase (probably in 2013). The joint venture may be able to
start up production as early as 2011.
ItN Nanovation's ceramic flat filter membranes are a brand new solution for
filtering systems in the water recycling, drinking water supply and surface
water processing sectors. The need for such solutions is particularly high
in Saudi Arabia and neighbouring Arabian countries.
Apart from the positive effect on group income, the joint venture has model
character for ItN Nanovation in terms of developing the company's
international business in conjunction with local partners, and other joint
ventures are already in the pipeline.
The ItN Nanovation management board will be holding a telephone conference
(in german language) for investors, analysts and media representatives on
Thursday, 28 October 2010 at 10:00 a.m. CET. They will explain this
cooperation in detail and provideinformation on the company's outlook for
the coming quarters. If you wish to participate in the telephone
conference, please contact Diane Selge, edicto GmbH on +49 69 905505-53 or
at dselge(at)edicto.de for the log-in data.
About Nanostart:
Nanostart AG (OTCQX: NASRY), headquartered in the German financial capital
of Frankfurt, is the world's leading nanotechnology investment company,
with portfolio companies spanning the globe from Silicon Valley to
Singapore. The company provides venture capital financing for
nanotechnology companies in various growth phases with a focus on
innovation-driven industries of the future such as cleantech, life sciences
and IT/electronics. Through its subsidiary and venture capital fund in
Singapore, Nanostart is proud to be the investment partner of the
Singaporean government. For further information about the company, please
visit www.nanostart.de.
About ItN Nanovation:
ItN Nanovation AG, founded in 2000, is one of the leading nanotechnology
companies in the world, developing innovative ceramic products, such as
filtration systems and coatings, for large industrial customers. The
nanoscale powder needed for those products is manufactured by the company
itself. The filtration products from ItN Nanovation can be used for
drinking water purification, waste water treatment, as beverage filters and
for the separation of oil and water. Ceramic coatings based on
nanotechnology are used in a variety of ways as protective and catalytic
coatings in various industries: from baking ovens to aluminum foundries to
coal-fired power plants. The company's success is founded on an extensive
product portfolio, combined with comprehensive development and application
know-how. For further information about the company, please visit
www.itn-nanovation.de.
Disclaimer:
This notice constitutes neither an offer to sell nor a solicitation of
offers to purchase or subscribe to securities. There will be no public
offering of securities of Nanostart AG in conjunction with the existing
listing of its shares in the 'Entry Standard' segment of the regulated
unofficial market (Freiverkehr) on the Frankfurt Stock Exchange. This
notice does not constitute a securities prospectus. Neither this notice nor
the information contained within is intended for direct or indirect
distribution within the Canada, Australia or Japan.
Media contact:
Nanostart AG
Public Relations
Dr. Hans Joachim Dürr
Goethestrasse 26-28
D-60313 Frankfurt
Germany
phone: +49 (0)69-21 93 96 111
fax: +49 (0)69-21 93 96 122
e-mail: presse(at)nanostart.de
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Datum: 27.10.2010 - 06:00 Uhr
Sprache: Deutsch
News-ID 32414
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