PROV Proventec

 

TIDMPROV 
 
RNS Number : 9020N 
Proventec PLC 
18 June 2010 
 
 
+------------------------------+------------------------------+ 
| Press Release                |                 18 June 2010 | 
+------------------------------+------------------------------+ 
 
                                 Proventec plc 
 
                         ("Proventec" or the "Company") 
 
                                 Funding update 
 
The Board of Proventec plc (AIM:PROV, Alternext:ALPTC), a provider of specialist 
steam cleaning and coatings technologies, announces that, as disclosed in the 
Interim Results announcement on 23 November 2009, it continues to look at ways 
of repaying and/or converting the loan notes in issue or otherwise renegotiating 
their terms and this remains high on the agenda of the Board.  The Company has 
loan notes in issue in the total amount of GBP14.6m which are listed on 
Alternext. The next interest payment on the loan notes, in the sum of 
approximately GBP600,000, is due at the end of June. The Board is actively 
negotiating to secure the necessary funding for this payment, as well as 
additional funding for the business, and remains confident that it will be able 
to reach agreement on the terms of such funding shortly. 
 
A further announcement will be made in due course. 
 
 
                                    - Ends - 
 
 
For further information, please contact: 
+-----------------------------------+--------------------------+ 
| Proventec plc                     |                          | 
+-----------------------------------+--------------------------+ 
| David Chestnutt, Chief Executive  |    Tel: + 44 (0) 151 706 | 
|                                   |                     0626 | 
+-----------------------------------+--------------------------+ 
| dchestnutt@proventecplc.com       |     www.proventecplc.com | 
+-----------------------------------+--------------------------+ 
 
+-----------------------------------+--------------------------+ 
| Seymour Pierce Limited                                       | 
+--------------------------------------------------------------+ 
| Nicola Marrin                     |    Tel: + 44 (0) 20 7107 | 
|                                   |                     8047 | 
+-----------------------------------+--------------------------+ 
| Corporate Finance                 |   www.seymourpierce.com  | 
+-----------------------------------+--------------------------+ 
 
Media enquiries: 
+-----------------------------------+---------------------------+ 
| Abchurch Communications           |                           | 
+-----------------------------------+---------------------------+ 
| Henry Harrison-Topham / Simone    | Tel: +44 (0) 20 7398 7728 | 
| Elviss                            |                           | 
+-----------------------------------+---------------------------+ 
| simone.elviss@abchurch-group.com  |    www.abchurch-group.com | 
+-----------------------------------+---------------------------+ 
 
Notes to editors: 
 
Proventec manages a complementary portfolio of integrated businesses that 
specialise in hygienic solutions and preventative coatings technologies. 
Headquartered in Liverpool, UK, the Company operates in global markets, 
pioneering developments within the healthcare, food manufacturing, hospitality 
industries, transportation, construction, and other sectors. Companies in 
Proventec's portfolio include: 
 
+-----------------+----------------------------------+-----------+ 
| Company         | Business area                    | Employees | 
|                 |                                  |           | 
+-----------------+----------------------------------+-----------+ 
| OspreyDeepClean | The world's leading provider of  |        34 | 
|                 | low pressure, chemical-free,     |           | 
|                 | specialist dry saturated steam   |           | 
|                 | cleaning technology.             |           | 
|                 |                                  |           | 
+-----------------+----------------------------------+-----------+ 
| Contico         | Provider of general cleaning     |        45 | 
| Manufacturing   | products and janitorial          |           | 
|                 | equipment and supplies.          |           | 
|                 |                                  |           | 
+-----------------+----------------------------------+-----------+ 
| Frank           | Manufacturer and distributer of  |        22 | 
|                 | automated cleaning systems and   |           | 
|                 | products including portable high |           | 
|                 | pressure washers, self-service   |           | 
|                 | vehicle wash stations and dry    |           | 
|                 | steamers.                        |           | 
|                 |                                  |           | 
+-----------------+----------------------------------+-----------+ 
| Magma           | Develops a wide range fire       |         4 | 
| Firestop        | retardant coatings, for the      |           | 
|                 | treatment of building and        |           | 
|                 | thatching materials.             |           | 
|                 |                                  |           | 
+-----------------+----------------------------------+-----------+ 
| InnoShield      | Develops transparent coatings    |         1 | 
| Systems         | protecting against UV rays and   |           | 
|                 | corrosion.                       |           | 
|                 |                                  |           | 
+-----------------+----------------------------------+-----------+ 
 
Proventec Healthcareprovides innovative solutions for infection control and 
effective cleaning in the healthcare sector. The Company's specialist steam 
cleaning technology has been successfully proven in clinical trials with 
University College London Hospitals to rid all areas and combat the spread of 
micro-organisms, including 'superbugs' such as MRSA and Clostridium difficile. 
The Company, which employs a team of five, has developed specialist, patented 
tooling, which has been designed to be used within hospitals on a daily basis 
and enable the user to clean difficult to reach areas including mattresses, bed 
frames and curtains without the use of antimicrobial chemicals that may 
contribute to microbial resistance. 
 
 
The Company joined the AIM Market in June 2002 and was dual listed on Alternext 
in May 2008. For further information please visit www.proventecplc.com 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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