Flintstone Technologies PLC, the technology commercialisation company, which sources the majority of its investments from Russia, has increased its shareholding in Biocote Ltd from 25% to 40% as part of an internal fundraising exercise at Biocote Ltd. The latest investment of £525,000 values Flintstone’s stake in the business at £865,000.
Biocote holds and exploits a portfolio of national and international patents for the formulation and use of anti-bacterial powder coatings. The coatings create hygienic product surfaces for use in the healthcare and food processing sectors and in domestic, commercial and public premises.
Biocote now has agreements licensing its proprietary technology to five customers, compared to one in June 2002. Unlike other Flintstone investments, Wolverhampton-based Biocote uses technologies developed in the UK.
Biocote has recently completed an agreement, amongst others, with ESL Healthcare Ltd, one of the UK’s leading manufacturers and suppliers of showering systems for the elderly and less able, developing the only anti-bacterial shower environment by offering a total surface hygiene system.
David Chestnutt, Chief Executive of Flintstone, said: “We are very pleased with the performance of Biocote and believe this deal with ESL brings great opportunities. It is the strength of the Intellectual Property and the potential for this technology that attracted us to invest. We are planning to take the company to a public market in the first half of 2003.
“Like Flintstone’s other investments, Biocote is a growing business that is adding new customers and we have taken this opportunity to increase our stake in the business.”
Flintstone has investments in other advanced surface engineering companies and other new technologies.
David Chestnutt, Chief Executive
Flintstone plc Tel: + 44 (0) 151 706 0626
Collins Stewart Tel: +44 (0) 20 7523 8309
Peter Curtain / Julian Bosdet Tel: +44 (0) 20 7444 4140
Bankside Mob: +44 (0) 7733 301707
JPEG copies of photographs of David Chestnutt (Chief Executive) and Dr Yury Zhuk are available from Bankside Consultants. To arrange, please contact Ariane Vacher on +44 (0) 20 7444 4140 or firstname.lastname@example.org
Notes to Editors
Flintstone Technologies plc joined the AIM market in June 2002 raising £5.4 million at the same time. The Group brings a number of management skills to its investments, such as intellectual property verification and transfer, commercial audits, industrial evaluation, fund raising, human resources and financial expertise.
Flintstones investments include:
Firestop- A range of non-brominated and halogen free flame-retardants for use with plastics, textiles, wood and metal.
Hardide- Process for creating super-hard tungsten carbide surfaces on steels.
Intellikraft- Next-generation rechargeable batteries based on nano treatment of advanced ceramic material.
Keronite- Process for creating hardened surfaces on aluminium, magnesium and titanium.
Flintstone has sourced four further technologies. Like the existing portfolio, these companies operate in the surface engineering and speciality chemicals markets.
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