UK - Imperial Innovations takes stake in ParOS Plc

Guy
21 March 2006

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Imperial Innovations Ltd, the technology commercialisation company of Imperial College London, has announced that Oak Prospects Plc, an investment company formerly trading on OFEX, has completed its acquisition of Imperial’s spin-out company Parametric Optimization Solutions Ltd. Following completion of the transaction, Imperial Innovations now holds 9.07% of the issued share capital of the newly named ParOS Plc.

Oak acquired ParOS for an initial consideration of £5.4m satisfied by the issue of 216,450,195 new ordinary shares. The enlarged issued share capital following the transaction was admitted to trading at 8.00am this morning with ticker PARO. At 3.5p, being the closing middle market price of the company’s shares on OFEX on 20 March 2006, the company has a market capitalisation of £16.5m.

Imperial Innovations founded ParOS in collaboration with Professor Stratos Pistikopoulos in 2002 as a provider of energy-saving advanced control solutions to industry. Current applications of the ParOS technology are in the process industries and the automotive and air conditioning sectors. ParOS technology provides lower overall energy consumption and costs and reduces harmful emissions to the environment. The ParOS technology can retrofit on existing hardware or embedded in devices.