Ultima Networks plc (`Ultima' or the `Company')
Ultima announces developments in its Green Technology Products Division
15 May 2009
The directors of Ultima Networks plc are pleased to announce that its Green Technology Products division has made anumber of developments over the last few weeks; following the successful launch of the Infineum Extreme in the UK, the Green Technology Product's Infineum R&D team have designed a bicycle in conjunction with EQ-Bikes of Holland suitable for the BENELUX market incorporating the patented Infineum stackable battery system.
Wassim Mughal, Managing Director of the Infineum division, said: 'The European market, and in particular the BENELUX region provides a huge potential for electric bicycle sales. EQ-Bikes have the knowledge of the marketplace in this region, and have advised us on what is needed to make a successful product for this market based on our existing patented technology. We have now settled on a design, have signed a distribution agreement and are very excited at the future business opportunities that the Infineum/EQ-Bikes partnership can explore.'
EQ-Bikes are a dynamic entrepreneurial company founded by Rene van Wijngaarden and Dick van Steeg to provide high end, quality electric bicycles to the BENELUX marketplace. Infineum and EQ-Bikes have signed a 3 year exclusive distribution agreement for the BENELUX region. The agreement allows EQ-Bikes to exclusively sell Infineum products.
The Directors are also pleased to announce that solar parks being developed by the Green Technology Products divisionhave achieved some significant milestones including the connection agreement for the 3MW Italian Solar Park to the Italian Grid system which will enable the solar park to benefit from sales under Italian government tariffs once the park is financed and constructed.
The Green Technology Products Division is also pleased to announce that the 100KW Spanish Solar Park has alsoreceived Spanish government approval for the offtake of energy created by the park, once financed and built, at afixed price of 32 Euro cents for a period of 25 years.
Commenting on these developments, Professor Humayun Mughal (CEO of Ultima) commented: 'These developments in our Green Technology Products areas are clearly very exciting and will, we hope, add a great deal of value to the group in the long run. Green Technology is of increasing importance to Ultima and we look to grow this area significantly over the coming years both through development of our existing product range and the development of new projects and technologies. All of these developments also expand on our geographical coverage as we seek to expand not just in the UK but also into continental Europe.'
The Company also announces that it proposes to announce its preliminary group results in the week commencing 25 May 2009.
Ultima Networks plc +44 (0) 1279 821 200
Prof. Humayun Mughal
Blomfield Corporate Finance Limited +44 (0) 207 489 4500
(Nominated adviser and broker)
Alan MacKenzie or