In brief: Reflec ends US venture, AZ gets lung drug approval, and more…
REFLECTIVE ink and clothing firm Reflec has ended its joint venture – Reflec USA.
The move sees Winsford-based Reflec set up a subsidiary, Reflec Technology, to acquire the intellectual property, equipment, inventory and receivables of Reflec USA in a deal worth around $2m.
However, it added that payment has been affected by applying the consideration in part repayment of the existing loan to Reflec USA which was $2m.
Reflec USA has developed a market for specialist reflective sportswear in the USA, and the group said the acquisition is part of a strategy to market its technology-based reflective fabrics worldwide.
In the year to 28 February 2008 Reflec USA recorded profits of £26,092.
Reflec directors believe that the overall impact upon the group balance sheet of the transaction is “likely to be positive”.
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DRUG company AstraZeneca has gained regulatory approval in the US for its inhaled lung disorder treatment.
The Food and Drug Administration has approved Symbicort at 160/4.5 mcg for the twice daily treatment of patients with chronic bronchitis and emphysema.
Approval was given after clinical trials found that the drug significantly improved lung function within five minutes of the first dose and sustained that lung function improvement for the duration of the studies.
The drug has been available in the US since June 2007 for the long-term maintenance treatment of asthma.
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PRINTING.COM today said trading remained stable and in line with expectations, in an update to the stock market.
The Manchester-based company said it felt it should update the market more regularly, given the “challenging economic conditions”.
In its last update on January 22, Printing.com reported that despite a 9% increase in trading volumes in October, sales had since tailed off and it expected to perform below expectations. It is particularly exposed as 90% of its work is advertising material.
Today’s statement said: “Given the uncertain nature of the economic situation we still remain cautious in our outlook for the short term, but believe that the company remains robust and well-placed to meet such challenges and capitalise on the economic upturn when it comes about.”
Printing.com has three routes to market: 40 franchised stores, 220 bolt-ons and six company owned outlets. Around half of its volumes in the UK and Ireland come from bolt-ons.
The next update will be its a pre-close statement on April 8, 2009.
