CTN Clearstream

TIDMCTN

RNS Number : 1348Z

ClearStream Technologies Group PLC

10 January 2011

ClearStream Technologies Group plc

Application for EUR1m of Grant Funding approved by Enterprise Ireland

ClearStream Technologies Group plc ("ClearStream" or "the Company") is pleased to announce that it has received approval for grant funding of just over EUR1m from Enterprise Ireland.

The funding, which may be drawn down over the next 3 years, will help finance a range of growth projects and includes research & development funding, an employment grant, management training and funding for a new management position of Chief Technical Officer.

Andy Jones, CEO of ClearStream, commented "We are delighted to receive this continued support from Enterprise Ireland. We are currently embarking on phase two of the expansion to our production capacity to meet the growing demand for the latest generation of our products. The grant will undoubtedly help us in achieving our ambitions for continued growth and improved margins over the next 3 years. In particular, we intend to seek out new technologies and invest in further R&D for the future and we expect the newly created position of CTO to be key to this growth".

For further information:

 
 ClearStream Technologies Group   Tel: + 353 (0) 53 923 
  plc                              7111 
 Andrew Jones, CEO 
 Winningtons Financial            Tel: + 44 (0) 117 920 
                                   0092 
 Paul Vann 
 FinnCap                          Tel: + 44 (0) 207 220 
                                   0568 
 Marc Young 
 

Charlotte Stranner

About ClearStream Technologies Group plc:

ClearStream Technologies Group plc, based in Enniscorthy, Co Wexford, Ireland, is an innovative maker of medical devices used in interventional procedures, including catheters and stents. Its products are sold under ClearStream's own brands and are also supplied to Original Equipment Manufacturers.

The Company is listed on the AIM market of the London Stock Exchange.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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