Russian technology development company seeks AIM listing and to raise £5.4 million
Flintstone Technologies plc (‘Flintstone’ or ‘The Group’), a technology commercialisation company which sources the majority of its investments from Russia, announces its intention to raise £5.4 million and seek admission of its shares to trading on the Alternative Investment Market. Dealings are expected to commence in 24 June 2002.
The Group harnesses technologies which were developed in the former Soviet Union, and which have significant commercial potential in a wide range of applications. Once a technology passes a selection process, it undergoes rigorous market, technological and commercial due diligence. If the technology is verified, the Group negotiates an initial controlling equity stake at par value and the technology is transferred into a UK company.
Prior to Perestroika the ‘State’ effectively owned all patents, but since 1992 private ownership of intellectual property has been permitted. This has resulted in a potentially huge quantity of high-value intellectual property (IP). Flintstone, which has been in operation since 1994 and became a company in 1998, is a leader in Russian IP commercialisation.
With a significant proportion of the world’s patents filed in Russia, Flintstone maximises the tremendous opportunity to commercialise Russian technologies in the West. The Group brings a number of management skills to its investments, such as IP verification and transfer, commercial audits, industrial evaluation, fund raising, human resources and financial expertise.
The Group has successfully developed five companies from the IP stage, four of which originated in Russia and one from the UK:
A range of anti-bacterial powder coatings for metal, wood and plastic surfaces. This was sourced UK as it fitted Flintstone’s portfolio.
A range of non-brominated and halogen free flame-retardants for use with plastics, textiles, wood and metal.
Process for creating super-hard tungsten carbide surfaces on steels.
Next-generation rechargeable batteries based on nano treatment of advanced ceramic material.
Process for creating hardened surfaces on aluminium, magnesium and titanium.
In addition to the existing portfolio of companies, Flintstone currently has sourced a further five technologies which have commercial potential. Like their existing portfolio, these potential investments are concentrated in the surface engineering and speciality chemicals markets.
David Chestnutt, Chief Executive of Flintstone, said: “Science and technology consistently received massive funding in the Soviet era and the standard of education was, and remains, comparatively very high.
“Pure, uncommercial research, much of it focused on materials technology, provided ideal conditions for the creation of original, high-value products and processes. However, under the ethos prevailing at the time, these advances were not exploited for commercial purposes.
“The harnessing of Western capital and business expertise and markets to Russian technology will bring substantial benefits to shareholders, both in Russia and the West.”
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Notes to Editors
A range of anti-bacterial powder coatings for metal wood and plastic surfaces which is non-toxic to humans. The company focuses on the food and health care industries, consumer goods and drug retailers. It has five customers to date, including a major white goods manufacturer which will manufacture Biocoted ‘bacteria-free’ refrigerators. The Company is expected to be profitable in its first commercial year.
A range of ecologically friendly flame-retardants for use with textiles, polymers metals and wood. The emission of toxic fumes is radically reduced as compared to current solutions and is very price competitive. The company is expected to be profitable in its first year of sales.
A process for creating super-hard tungsten carbide surfaces on steels. It allows steel to last five to ten times longer than conventionally hardened steel and enhances the friction and corrosion resistance. It has a wide range of applications in manufacturing and drilling where there are a number of high wear items such as oil, gas and tooling. JCB has placed the first production order and General Electric has signed a licensing agreement with the company.
Developed with a completely different approach to the way conventional batteries are made, Intellikraft the next generation of rechargeable batteries. There is no chemical reaction and has two and a half times more charge density than the best lithium batteries which are usually used in electrical goods. The battery can be recharged infinitely and can be much smaller than lithium batteries, opening up the market in mobile phones. A pilot plant with an initial annual capacity of 500,000 batteries will be in production shortly.
A surface engineering technology for the treatment of light metals including aluminium, magnesium and titanium. By way of a bath treatment the surface of these metals are converted into a super hard ceramics, opening up the widespread use of light metals. Negotiations are ongoing with over 50 companies and existing customers include Oakley, for use in sunglasses and several parts manufacturers for Formula One cars.
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