Alle Storys
Folgen
Keine Story von ItN Nanovation AG mehr verpassen.

ItN Nanovation AG

EANS-Adhoc: ItN Nanovation AG
ItN Nanovation enters into joint venture in Saudi Arabia

  ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
  adhoc with the aim of a Europe-wide distribution. The issuer is solely
  responsible for the content of this announcement.
26.10.2010
•       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% share, rising to 40% 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
Saarbrücken, 26 October 2010 - ItN Nanovation AG (ISIN DE000A0JL461) 
has set a milestone in its international expansion of the product 
range "ceramic flat filters membrane", CFM Systems®. 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% share in the joint venture, which will later 
be increased to 40%. 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 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 provide information 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@edicto.de for the log-in data.
end of announcement                               euro adhoc

Contact:

ItN Nanovation AG
Untertürkheimer Strasse 25
66117 Saarbrücken, Germany
Phone: +49 (0) 681/50 01-460
Fax: +49 (0) 681/50 01-499
E-mail: ir@itn-nanovation.com
www.itn-nanovation.com

IR contact:
edicto GmbH
Axel Mühlhaus
Eschersheimer Landstrasse 42
60322 Frankfurt/Main, Germany
Phone: 069-90 55 05-52
Fax.: 069-90 55 05-77
E-mail: amuehlhaus@edicto.de

Branche: Technology
ISIN: DE000A0JL461
WKN: A0JL46
Index: CDAX, General All Share
Börsen: Berlin / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade
Frankfurt / regulated dealing/general standard

Weitere Storys: ItN Nanovation AG
Weitere Storys: ItN Nanovation AG