(2/4/07)
WALCOM GROUP LTD ("Walcom")
Shellfish PatentsAssignment
Walcom Group Limited ("Walcom" or "the Company"), the Hong Kong based
manufacturer and distributor of "clean" animal feed additives, announces that
it has today entered into a Deed of Assignment (the "Assignment") for the
transfer of nineteen patents held by Omega Bio-Pharma (I.P.1) Limited
("Omega"), for a total cash consideration of HK$804,112 (approximately £
53,000). Omega is a company engaged in human pharmaceutical research, in which
Mr Eddie Kin Man Chan, Mr Francis Chi, Mr Yong Chian Tan and Mr Frankie Yuet
Leung Wong, directors of Walcom, have an interest. The patents are being
assigned at cost.
The patents cover materials and methods for improving shellfish health,
immunity and growth which, following large scale field trials organized by one
of the Thailand's largest manufacturer of shrimp feed, have preliminary
demonstrated a very positive effect on the growth of shrimps. The trials are
scheduled to finish within the next two weeks and Walcom expects to commence
sales of the product shortly.
Under the AIM Rules, the transaction is deemed to be a Related Party
Transaction. The Directors (other than Mr Eddie Kin Man Chan, Mr Francis Chi,
Mr Yong Chian Tan and Mr Frankie Yuet Leung Wong who are interested in the
transaction), who have consulted with John East & Partners Limited, consider
the terms of the transaction to be fair and reasonable insofar as the
shareholders of the Company are concerned. In advising the independent
Directors, John East & Partners Limited has relied upon the commercial
assessment of the independent Directors.
Enquiries:
Walcom Group Ltd +852 2494 0133
Francis Chi (Chief Executive Officer)
Albert Wong (Chief Financial Officer)
John East & Partners Limited +44 20 7628 2200
Jeffrey Coburn/Simon Fox
About Walcom
Walcom is a Hong Kong based manufacturer and distributor of "clean" animal feed
additives. Walcom's products are based on Cysteamine, a natural metabolite
generated in animals' bodies which participates in animals' physiological
`growth axis' to stimulate the animals' natural growth hormone level. The
Company's feed additives improve the health of the animals, reduce mortality
rates, shorten the time taken to reduce maturity, increase the protein content
in animal food products, increase egg laying and reduce eggshell breakage and
build resistance to disease. Walcom's feed additives are "non hormonal", "non
antibiotic" and "non gene-altering".
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