MOU Signed
05 Juli 2010 - 8:00AM
UK Regulatory
TIDMCINP
RNS Number : 7826O
Cinpart PLC
05 July 2010
5 July 2010
AIM: CINP
CINPART PLC
('Cinpart' or the 'Company')
Additional US Memorandum of Understanding
Further to the announcement made by the Company on 25 June 2010 that it had
entered into a Memorandum of Understanding with County Executives of America,
Cinpart is pleased to announce that Active Energy Limited ("Active Energy"), its
subsidiary company, has signed a Memorandum of Understanding ("MoU") with three
organisations based in Ohio, USA, which relates to the establishment of an
assembly facility in the USA as well as the promotion of Active Energy's voltage
optimisation products.
The new MoU has been signed with the County of Summit, Ohio ("Summit County");
the Summit County Port Authority and Northeast Ohio Trade and Economic
Consortium. As previously indicated, Cinpart intends to establish a US based
assembly plant in order to service the expected demand for its voltage
optimisation products in a cost effective location and having identified a
suitable location, in the Foreign-Trade Zone 181 in Summit County, Ohio, these
organisations are well placed to support this development. All of the parties
will assist the Company in securing financial incentives and grants related to
the set-up of a facility in Ohio. In addition, the three organisations will
promote the sale of Active Energy's voltage optimisation products in the US
market. Furthermore, Summit County also intends to introduce Active Energy to
major public facilities under its control and to other state, county and local
authorities and entities throughout the USA.
Kevin Baker, Chief Executive of Cinpart, commented:
"This agreement is a natural extension of the Memorandum of Understanding signed
with County Executives of America, which we announced on 25 June 2010. We
believe that by setting up a local distribution network and an assembly plant,
we can, in an efficient and cost effective way, service the expected demand for
our voltage optimisation products in the USA.
We look forward to working closely with Summit County, Summit County Port
Authority and Northeast Ohio Trade and Economic Consortium to seek to take
advantage of the exciting opportunities available to us in the USA."
Enquiries:
+--------------------------------------+------------------------------+
| Cinpart Plc | |
+--------------------------------------+------------------------------+
| Kevin Baker, Chief Executive | Tel: 020 3176 3033 |
| Christopher Foster, Executive | Tel: 020 3176 3031 |
| Director | |
| | |
+--------------------------------------+------------------------------+
| Merchant John East Securities Ltd | |
| (Nominated Adviser) | |
+--------------------------------------+------------------------------+
| John East/Simon Clements | Tel: 020 7628 2200 |
| | |
+--------------------------------------+------------------------------+
| Jendens Securities Ltd (Joint | |
| Broker) | |
+--------------------------------------+------------------------------+
| Kim Richardson | Tel: 0203 372 2500 |
| | |
+--------------------------------------+------------------------------+
| Rivington Street Corporate Finance | |
| Ltd (Joint Broker) | |
+--------------------------------------+------------------------------+
| Peter Greensmith | Tel: 020 7562 3370 |
| | |
+--------------------------------------+------------------------------+
| Biddicks (Financial PR) | |
+--------------------------------------+------------------------------+
| Sophie Lane/ Zoë Biddick | Tel: 020 7448 1000 |
+--------------------------------------+------------------------------+
About Cinpart
Cinpart plc (AIM: CINP) is a holding company that owns 72.2 percent of Active
Energy Limited. Active Energy manufactures and supplies the VoltageMaster, a
device that can reduce electricity consumption in commercial buildings by up to
20 percent.
Other wholly owned subsidiaries in the Group include Derlite Co Limited; based
in Thailand, this company is an international manufacturer of electrical and
non-electrical components specializing in ignition systems for gas appliances
and Gasignition Limited; a trading company supplying electrical components to
small and medium-sized European gas appliance manufacturers.
About Active Energy
Active Energy owns the rights, intangible assets and intellectual property of
VoltageMaster, a range of voltage optimisation equipment for commercial
buildings that reduces voltage, and consequently energy consumed, by up to 20
percent. The VoltageMaster, a sophisticated, easy to install device that is
adaptable to complement existing infrastructures, optimises the voltage used in
a building by adjusting the electricity voltage supplied to the whole building.
In addition, the reduced energy consumption produced by the VoltageMaster
provides reduced carbon emissions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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