Nanotechnology Now







Heifer International

Wikipedia Affiliate Button


DHgate

Home > Press > Nanostart holding ItN Nanovation AG: Contracts for joint venture with Juffali in Saudi Arabia finalized

Abstract:
-Joint venture contracts signed by all parties and approved by ItN Nanovation executive bodies
-ItN Nanovation to have an initial stake of 17 per cent with an option to increase to 40 per cent
-ItN Nanovation to recognize USD 2,350,000 in income for rights of use
-Government may grant business license by end of 2011 subject to conditions

Nanostart holding ItN Nanovation AG: Contracts for joint venture with Juffali in Saudi Arabia finalized

Frankfurt / Saarbrücken | Posted on October 20th, 2011

Nanostart-holding ItN Nanovation AG (ISIN: DE000A0JL461) has finalized the binding contracts on the joint venture in Saudi Arabia that was preliminarily agreed in October 2010. The renowned Saudi-Arabian partner Juffali and the consortium of German industrial investors have now signed the contracts and the Management Board and Supervisory Board of ItN Nanovation have approved the signature.

This means that, following intensive negotiations, ItN Nanovation has achieved a key milestone in its international expansion in the area of ceramic flat membranes, known as CFM Systems®. The pre-contractual financial framework that was announced by ItN Nanovation in an ad hoc disclosure on October 26, 2010 has been implemented in full. ItN Nanovation will initially hold a 17.5 per cent stake in the joint venture with the Saudi investor Juffali, Jeddah, and the consortium of German investors. An option to increase this stake to 40 per cent has also been contractually agreed and may be exercised until 2015.

The next phase in the formation of the joint venture involves obtaining the necessary business license from the Saudi authorities in order to formalize the joint venture. Based on the preliminary discussions conducted to date, it may be possible to achieve this before the end of 2011. In accordance with the terms of the contract, ItN Nanovation will receive an amount of USD 2.35 million (approx. EUR 1.75 million) in advance for the limited contribution of production expertise; around two-thirds of this amount will be used by ItN Nanovation to acquire its stake in the joint venture. The total amount is expected to be recognized as other operating income by ItN Nanovation after the business license for the joint venture in Saudi Arabia is granted. In addition to this one-off payment, ItN Nanovation will receive revenue-based royalties, while its shareholding means that it will also participate proportionally in the earnings and value development of the joint venture.

The joint venture will trade under the name Saudi Water Nanovation LLC and will distribute CFM systems and corresponding accessories for ceramic flat membrane solutions in the MENA (Middle East & North Africa) region and produce these locally at its own facilities in Saudi Arabia. In particular, the products of the joint venture will be used in the area of prefiltration for reverse osmosis for the treatment of drinking water. The plan is for the joint venture to establish its own production facilities, which will in their final construction phase (scheduled for 2014) offer three times the capacity currently available to ItN Nanovation. The joint venture will be able to start production already in 2013.

The local presence of the joint venture, including production in Saudi Arabia, will significantly improve market access for ItN Nanovation, thereby allowing it to better address a region that is one of the core markets for the treatment of drinking water using ceramic flat membranes. The joint venture also marks another milestone for ItN Nanovation by allowing the mass production of CFM systems, as well as representing a further proof of concept of the performance and industrial applications of ItN technology in cooperation with external international partners.

####

About Nanostart AG
Nanostart AG headquartered in the German financial capital of Frankfurt, is a leading nanotechnology investment company, with portfolio companies spanning the globe from Silicon Valley to Singapore. The company provides venture capital financing for nanotechnology companies in various growth phases with a focus on innovation-driven industries of the future such as cleantech, life sciences and IT/electronics. Through its subsidiary Nanostart Asia and the venture capital fund in Singapore, Nanostart is proud to be the investment partner of the Singaporean government.

About ItN Nanovation:

ItN Nanovation AG (FSE: I7N) is one of Germany’s leading nanotechnology companies. It develops innovative ceramic products such as filter systems and coatings for major industrial customers. The company manufactures the necessary nanoscale powder in-house. ItN Nanovation’s filter products can be used for drinking water treatment and wastewater purification, as filters in the drinks industry and to separate oil and water. Nanotechnology-based ceramic coatings are used as protective and catalytic layers in a wide range of applications in various industries, from ovens through aluminum foundries to coal-fired power stations. ItN Nanovation was founded in 2000. The company’s success is based on an extensive patent portfolio combined with in-depth development and application expertise. For more information on the company, please visit www.itn-nanovation.de.

About Juffali:

The Juffali family is one of the most influential industrial families in the Middle East. The family company E. A. Juffali & Brothers, which was formed in 1948, cooperates with leading global industrial groups with a particular focus on innovative, high-growth industries. For more than five decades, E. A. Juffali & Brothers has made a key contribution to the innovative technological development of Saudi Arabia through the establishment of joint ventures and production facilities in the country. The partners of E. A. Juffali & Brothers include leading international companies such as Mercedes-Benz, Siemens, IBM, Dow Chemical, DuPont, etc. More information on E. A. Juffali & Brothers can be found at: www.eajb.com

Disclaimer:

This notice constitutes neither an offer to sell nor a solicitation of offers to purchase or subscribe to securities. There will be no public offering of securities of Nanostart AG in conjunction with the existing listing of its shares in the “Entry Standard” segment of the regulated unofficial market (Freiverkehr) on the Frankfurt Stock Exchange. This notice does not constitute a securities prospectus. Neither this notice nor the information contained within is intended for direct or indirect distribution within Canada, Australia or Japan.

For more information, please click here

Contacts:
Nanostart AG
Dr. Hans Joachim Duerr
Head of Corporate Communications
Goethestrasse 26-28
D-60313 Frankfurt, Germany
phone: +49 (0)69-21 93 96 111
fax: +49 (0)69-21 93 96 150
e-mail:

Copyright © Nanostart AG

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Industrial Nanotech, Inc. Announces Next Large Order from the Oil and Gas Industry March 26th, 2015

Quantum compute this -- WSU mathematicians build code to take on toughest of cyber attacks: Revamped knapsack code offers online security for the future March 26th, 2015

Thousands of atoms entangled with a single photon: Result could make atomic clocks more accurate March 26th, 2015

Square ice filling for a graphene sandwich March 26th, 2015

Govt.-Legislation/Regulation/Funding/Policy

LAMDAMAP 2015 hosted by the University March 26th, 2015

SUNY Poly & M+W Make Major Announcement: Major Expansion To Include M+W Owned Gehrlicher Solar America Corporation That Will Create up to 400 Jobs to Develop Solar Power Plants at SUNY Poly Sites Across New York State March 26th, 2015

Thousands of atoms entangled with a single photon: Result could make atomic clocks more accurate March 26th, 2015

Carbon nanotube fibers make superior links to brain: Rice University invention provides two-way communication with neurons March 25th, 2015

Announcements

Industrial Nanotech, Inc. Announces Next Large Order from the Oil and Gas Industry March 26th, 2015

Quantum compute this -- WSU mathematicians build code to take on toughest of cyber attacks: Revamped knapsack code offers online security for the future March 26th, 2015

Thousands of atoms entangled with a single photon: Result could make atomic clocks more accurate March 26th, 2015

Square ice filling for a graphene sandwich March 26th, 2015

Water

Square ice filling for a graphene sandwich March 26th, 2015

ORNL-led team demonstrates desalination with nanoporous graphene membrane March 25th, 2015

Young NTU Singapore spin-off clinches S$4.3 million joint venture with Chinese commercial giant March 23rd, 2015

EU Funded PCATDES Project has completed its half-period with success March 19th, 2015

Alliances/Partnerships/Distributorships

NXP and GLOBALFOUNDRIES Announce Production of 40nm Embedded Non-Volatile Memory Technology: Co-developed technology to leverage GLOBALFOUNDRIES 40nm process technology platform March 24th, 2015

Young NTU Singapore spin-off clinches S$4.3 million joint venture with Chinese commercial giant March 23rd, 2015

Halas, Nordlander awarded Optical Society's R.W. Wood Prize: Rice University researchers recognized for pioneering nanophotonics March 21st, 2015

EU Funded PCATDES Project has completed its half-period with success March 19th, 2015

New-Contracts/Sales/Customers

Industrial Nanotech, Inc. Announces Next Large Order from the Oil and Gas Industry March 26th, 2015

United Nanotech Innovations Lists Materials for Trade on INSCX™ Exchange and Appoints Fullerex as Merchant February 17th, 2015

Virginia Tech Purchases Two Bruker Fluorescence Microscope Solutions: High-Speed Instruments Combine to Cover Wide Optical Resolution Range February 10th, 2015

Nano Labs Announces the Opportunity to Submit the POLEC Liquid Cement Product for Test Trials to Be Used in the Construction of the New International Airport of Mexico City (NAICM) February 2nd, 2015

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More










ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







© Copyright 1999-2015 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE