Strategic Investment

About this update from Chesterfield Special Cylinders Holdings Plc

[{"type":"text","content":"\n \nRNS Number : 4723V Pressure Technologies PLC 13 December 2013  \n\n \n                                                                                                                                                                   13 December 2013\n \nPressure Technologies plc\nStrategic Investment in GTM Manufacturing, LLC\n \nThe Board of Pressure Technologies (\"Pressure Technologies\" or the \"Company\") (AIM: PRES) is pleased to announce that it has today agreed to make a strategic investment to acquire 40 per cent. of the common stock of GTM Manufacturing, LLC (\"GTM\") (the \"Investment\"), a leading manufacturer of high pressure vessels for gas transport solutions based in Amarillo, Texas.\n \nUnder the terms of the Investment, the Company is providing a US$4 million loan to GTM, of which US$500,000 will on 1 January 2014 convert to a 40 per cent. stake in GTM's common stock.  The Company is funding the loan to GTM from its existing resources.\n \nThe Company has also been granted an option to acquire a further 40 per cent. stake in GTM and will be providing a working capital loan facility to GTM, further details of which are set out below.\n \nFounded in 2008, GTM is part of the Kelley Family of Companies in Texas (\"Kelley\"), a group that has led the speciality gas transportation industry in the United States and globally for over 60 years.  Following the Investment, GTM will be re-named Kelley GTM, LLC.\n \nKen Kelley, founder and President of GTM, will continue to w...

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