Geomerics Milestone Payment

RNS Number : 4200D

Angle PLC

16 May 2012

 



For immediate release

16 May 2012

ANGLE plc

("ANGLE" or "the Company")

Geomerics Receives Final Milestone Payment

ANGLE plc (AIM: AGL), the technology commercialisation company, is pleased to announce that its 31%-owned portfolio company Geomerics, which specialises in computer games middleware, has successfully completed the third and final milestone in its corporate partnership with one of the world's leading technology companies ("Corporate Partner"), resulting in a final milestone payment being received by Geomerics.   

Geomerics and the Corporate Partner continue to work closely together. The name of the Corporate Partner and some of the terms of the deal, which was first announced in July 2010, remain subject to strict confidentiality.

The deal included investment in Geomerics of up to £2.3 million, of which approximately £1.0 million was subject to the achievement of certain milestones.  The total investment of £2.3 million has now been received.

The corporate partnership has resulted in the development of new capabilities to make Geomerics products 'next generation technology ready'.

Andrew Newland, Chief Executive of ANGLE, commented: 

"We are pleased to see the completion of the third and final milestone and the widening recognition and adoption by the computer games market of Enlighten, the real-time lighting solution developed by Geomerics."

For further information:

ANGLE plc	01483 685830
Andrew Newland, Chief Executive Ian Griffiths, Finance Director
Cenkos Securities Stephen Keys, Adrian Hargrave (Nominated adviser) Andy Roberts (Sales)	020 7397 8900
Buchanan Mark Court, Sophie Cowles	020 7466 5000
Scott Harris Stephen Scott, Harry Dee	0207 653 0030

 

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