This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
PVAXX Limited Announces Completion Of A Territorial Licensing Agreement And Related Developments
Hamilton, Bermuda: July 16, 2007 - PVAXX Limited ("PVAXX"), an industrial technology group headquartered in Bermuda, announced today that it has signed a territorial manufacturing and distribution agreement with RM Squared Limited ("RM"). The agreement grants RM the right to manufacture and distribute PVAXX pallets within North America which is expected to be a substantial market for PVAXX.
Under the terms of the agreement, RM is required to lease 20 production lines from PVAXX over a period of three years. The agreement becomes effective when PVAXX completes its re-financing through a private placement of a minimum of USD 75 million, the proceeds of which will be used to repay a credit facility with Merrill Lynch, which had fallen due on December 31, 2006, build its production facility in Sohar, Oman and the fabrication of the required pallet production lines both for its own account and that of RM. PVAXX will file the audited financial statements for the year ended December 31, 2006, which were due to be filed on or before June 30, following the completion of the ongoing re-financing discussions.
In a related development, PVAXX has also announced a number of changes to its board composition. Stepping down are the Company's US-based directors Mark T. Thatcher and James Simmons, both of whom are expected to assist RM in the development of RM's pallet business in the US. Omar Shawaf, and Michael Schroter, both non-executive directors of the Company, and John O'Doherty, Chairman of the Board, have also resigned their positions. Mr. O'Doherty will nevertheless remain on the Board as a non-executive director and will be joined by two further non-executive directors, Henry Cheung and Alastair Gunn-Forbes, who have recently been appointed. All appointments and resignations were approved by the Board on May 14, 2007.
Henry Stevens the Company's founder has assumed the role of Chairman and expressed the gratitude of the Company to the resigning directors for their contribution in bringing PVAXX forward to it current state of development and welcomed the new directors to the Company.
PVAXX has requested an immediate suspension of trading of its shares pending the completion of its private placement and related matters.
This press release may include forward-looking statements about the Company's revenues and earnings and future plans and objectives. Any such statements are subject to risks and uncertainties that could cause the actual results to vary materially.
For more information about PVAXX LTD., headquartered in Hamilton, Bermuda, please see:
For investor relations' matters, please contact:
investorrelations@pvaxx.com or
FD
Charlie Armitstead/Laila Danesh