Business
Product Development Agreement
Product Development Agreement.
About this update from Plexus Holdings
[{"type":"text","content":"\n Plexus Holdings Plc\n19 June 2007\n\n\nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n\n19th June 2007\n\n\n\n Plexus Holdings PLC ('Plexus' or 'the Company')\n Product Development wins from Major International Offshore Drilling Contractor\n\n\nPlexus Holdings PLC, the AIM quoted oil and gas engineering services business,\nhas secured purchase orders from a major international US offshore drilling\ncontractor to develop and supply two new drilling products, which will help\nenable the implementation of novel and cost-saving deep sub-sea drilling\nmethods. Once the development of these products have been completed and proven,\nPlexus anticipates significant future sales potential for these proprietary\nproducts. The immediate value of the orders is £460,000, the majority of which\nwill fall into the next financial year.\n\nThe first product is a new application for Plexus' POS-GRIP(TM) method of\nengineering, which will be re-configured for remote hydraulic operation. This is\nan important milestone in the continued expansion of POS-GRIP technology based\nproducts and is the next step in developing a complete sub-sea capability for\nthe technology, which Plexus sees as a key growth area for the future.\n\nThe second product is a down-hole pressure management tool, for which Plexus\nwill own the proprietary rights once it has been successfully developed and\ndemonstrated. Although it does not incorporate POS-GRIP, the tool is a\ncomplementary product to the type of drilling developments which Plexus target,\nand it is hoped will also lead to a new business category for Plexus.\n\nPlexus CEO Ben van Bilderbeek said, 'I am delighted to announce this new\nbusiness development, which is further validation of the first class engineering\nskills we have within our company. The award of another R&D project which\nincorporates the POS-GRIP method of design into a new product once again\nhighlights the benefits and enabling features of our proprietary technology and\ndemonstrates that Plexus is very much emerging as a new force in our industry.\nWe will remain focused on maximising the commercial opportunities that can be\nderived from our patented technology, and I remain confident that many such\nopportunities will present themselves in the years to come.'\n\n\n * * ENDS * *\n\n\nFor further ...