Multiple Technology Sale - Forest Research

Tuesday, 3 April 2001, 5:47 pm
Press Release: Mediacom press release distribution

Press Release
Multiple Technology Sale

Forest Research is pleased to announce that it has recently completed a multiple technology transaction with Mr Tony Petley of Innovative Global Technology Limited (IGT Ltd). The transaction involved sale of Forest Research’s 100% shareholding in Wood Hardening Technologies Limited which is the owner of Indurite® technology, its 50% shareholding in Engineered Wood Solutions Limited (EWS), and the intellectual property rights to the E-Grader. IGT Ltd previously held a 50% shareholding in EWS, which owns the adhesives technology, Greenweld — another Forest Research development.

Tony Petley said these acquisitions, together with other joint ventures and agreements developed with complementary technologies will be marketed by Engineered Wood Solutions in Australasia and worldwide. With plans to further upgrade and extend the commercial application of these technologies, EWS is now positioned to offer a comprehensive package to add value for its timber processing customers. EWS is developing extensive business partnerships with chemical, engineering and technology companies and these, together with the opportunity to have strong relationships with research organisations and, in particular, Forest Research points to an exciting future.

Forest Research considers IGT Ltd an ideal purchaser of these technologies, since Tony Petley and his team have the technical background and commercial acumen to bring their development successfully to market.

ENDS

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