Business
CAP-XX signs manufacturing ag
CAP-XX signs manufacturing ag.
About this update from Cap-xx Limited
[{"type":"text","content":"\n RNS Number : 2576X CAP-XX Limited 12 August 2009 \n \n\n\n\n12 August 2009\n\nCAP-XX\n\nCAP-XX signs manufacturing agreement with Nationgate\n \nCAP-XX Limited, developer of the supercapacitor-driven BriteFlash power architecture for mobile phones, today announces that it signed a contract manufacturing agreement with Nationgate Technologies of Penang on 30 July 09. Under the terms of the agreement Nationgate will acquire and transfer the supercapacitor assembly manufacturing plant only from CAP-XX for a consideration of US$2m. USD300K has already been received by CAP-XX and a further USD700K will be paid in 2 instalments over the next 6 months. The second USD1m to be paid over the subsequent 12 -18 months depending on production volumes. Following the re-commissioning of the plant at its Penang facility, Nationgate will supply supercapacitors to CAP-XX. Nationgate is anticipated to start partial production from Q4 2009 and full production from Q1 2010\n\nPolar Twin Advance of Penang will also remain as a contract manufacturer for CAP-XX thereby ensuring that going forward CAP-XX will have dual sourcing of production capacity which in turn will help to provide greater integrity of supply.\n\n \nAnthony Kongats, Chief Executive Officer of CAP-XX commented:\n\n'We are delighted to secure this agreement with Nationgate, which will supplement our existing contract manufacturing agreement with Polar Twin Advance and our agreement with Murata and address the short to medium term demands of our customers for production volumes of supercapacitors.'\n\nFor further information contact:\n\n\n\n\n\nCAP-XX\n\n\n\n\n\n\n\nAnthony Kongats, Chief Executive Officer\n\n\n+61 (0)2 9428 0139\n\n\n\n\n\n\n\n\n\n\n\n\nKreab Gavin Anderson (Financial PR)\n\n\n\n\n\n\n\nRobert Speed / Anthony Hughes\n\n\n+44 (0) 20 7074 1800 \n\n\n\n\n\n\n\n\n\n\n\n\nSeymour Pierce (Nominated Adviser and Broker)\n\n\n\n\n\n\n\nNandita Sahgal/Catherine Leftley\n\n\n+44 (0) 20 7107 8000\n\n\n\n\n\nMore information about CAP-XX is available at www.cap-xx.com\n\nNotes to Editors:\n\nCAP-XX is a world leader in the design and manufacture of thin-form supercapacitors and power management systems, predominantly for portable electronic devices.\n\nThe unique ...