Legendary Investments PLC
7 April 2000
Legendary Investments plc
Legendary Investments takes stake in BioProgress
Legendary Investments ('Legendary'), which was formed to invest in a
spread of e-commerce, internet and technology focused businesses,
announces an investment in BioProgress Technology International Inc
('BioProgress Technology'), a Cambridge based NASDAQ OTC quoted
company.
BioProgress Technology has developed the first gelatin free soft
capsules. Following three years of research and development
BioProgress Technology launched the XGelTM Film System in 1998. The
system utilises a patented process to form, fill, seal and cut soft
capsules for the containment of non-aqueous liquids and powders. The
film material used in the process is animal free, non-toxic, non-
allergenic and biodegradable to water and natural gases.
The company is currently working on versions of the XgelTM Film for
use in the pharmaceutical and fast-moving consumer goods sectors.
Legendary has agreed to make an $800,000 investment in 'B' shares at
$2.5 per share, with an option to convert, up to the year end, into
2.5 ordinary shares per one 'B'share in BioProgress.
Shami Ahmed, Chief Executive, Legendary Investments commented:
'BioProgress is a quality company with a tried and tested product,
poised for significant growth. The funds we have invested will allow
BioProgress to accelerate their marketing programme to exploit a
potentially huge market.
'In the period since flotation we have reviewed several potential
investments and expect to conclude further agreements in the near
future although they will vary in size, some may be considerably
larger.'
7 April 2000
Enquiries:
Legendary Investments plc Tel: 020 8903 9037
Shami Ahmed, Chief Executive
College Hill Associates Tel: 020 7457 2020
Michael Padley / Nicholas Nelson
Seymour Pierce Tel: 020 7648 8721
Kirsty Campbell