Strategic Investment
Embargoed Release: 07:00hrs Wednesday 23 August 2006
Nanoscience Inc.
(`Nanoscience' or the `Group')
Strategic Investment
Nanoscience, the specialist nanotechnology investment holding company, is
pleased to announce that it has completed its fourth strategic technology
investment since listing on AIM in March of last year. Nanoscience has invested
a further SEK 927,996 (approximately £68,000) in consideration for the issue of
154,666 ordinary shares in AppliedSensor Sweden AB (`AppliedSensor' or `the
company'). AppliedSensor is a Swedish/German technology leader in the
development and production of advanced gas sensing solutions to OEMs (Original
Equipment Manufacturers). The investment values AppliedSensor at approximately
SEK164m (c.£12m) and following the closing of this latest fundraising round,
Nanoscience will have an interest in the company of approximately 2.91 per
cent.
As previously announced, the Group made its first strategic investment of
approximately £215,000 in AppliedSensor in June of last year as part of a
funding round intended to progress a number of ongoing commercial projects that
had been undertaken by AppliedSensor. Since that time, the company has
demonstrated to Nanoscience a significant level of continuing technical and
commercial progress which has led to the Board's decision to increase the
Group's investment in the company. The Board is also further encouraged by the
company's ability to attract new investors at a price c. 33% higher than the
previous investment round completed only one year ago. This progress includes a
significant number of customer commitments to purchase AppliedSensor's products
for a range of gas sensing solutions within the automotive and other
industries.
In addition, AppliedSensor has an exclusive development and supply agreement
with a leading manufacturer of sensing modules for the supply of air quality
sensors to the automotive industry and is progressing business opportunities
for other applications of its platform technology with various industry OEMs.
The innovative technology is based on metal-oxide and field-effect technologies
initially developed at the University of Tubringen, Germany, and the University
of Linkoping, Sweden. The sensors combine semiconductor and nanotechnologies
resulting in low cost, miniature gas sensing components and modules. The
production process includes nano-scale preparation and application of the gas
sensing material.
Richard Rose, Non-Executive Chairman, commented:
"Since making our initial investment in AppliedSensor in June of last year we
have closely monitored the progress made by the company and are very happy to
have the opportunity to increase our level of investment.
To date, AppliedSensor has made a very satisfying level of commercial progress
which we believe will take the business to a cash flow positive position in the
fourth quarter of next year. The management of the company have been very
successful in progressing their commercial relationships with a number of
automotive OEMs and I look forward to reporting on the progress of the company
as it begins to materialise the value of these relationships over the coming
year. "
-Ends-
Further Information:
Richard Rose Nanoscience Inc. 07836 250 474
Andrew Tan Hansard Communications 020 7245 1100