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The Exchange takes great pleasure in welcoming Oystertec plc to AIM - the successful London market for growing and fledgling companies.
Cheshire-based Oystertec plans to licence the manufacturing, marketing and distribution of the Oyster Converter, an innovative pipe fitting that has won numerous international design awards, to industry leaders already producing conventional pipe fittings.
It is anticipated that the Oyster Converter will simplify conventional pipe fitting processes, as well as reducing material and labour costs, as the fitting is held by the pipe without the need for compression, welding, soldering or screwing. It has applications in the many industries that make use of different types of pipework, including plumbing, heating and hydraulics.
Leon Dwek, Chief Executive of Oystertec plc, says of his company's AIM flotation:
"We have been encouraged by the level of interest shown in the Oyster Converter by major international corporations and are currently in negotiations to license the Oyster Converter to such companies.
"By raising money through AIM and managing the brand through licensing deals, we are free to focus on extending the product range to suit the requirements of the many additional markets the products can enter."
Oystertec's admission to AIM will help it finance the development and marketing of existing and new products, provide a share option scheme for employees, and raise the company's profile.
Placing statistics
Placing price - 23p
Market cap at placing price - 30m
Estimated net proceeds - 6.25m
For more information, please contact:
Nomad/Nombro
Collins Stewart Ltd
020 7283 1133
Henry Harrison-Topham
Bankside Consultants
020 7220 7477
Or visit
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www.oystertec.com
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