December 18, 2009

New focus on agribusiness is Kiotech's priority
 
Press Release
 
 

Kiotech is pleased to announce the sale of its Ultrabite sports fishing pheromone attractant brand and the associated rights under its license agreement with the Centre for the Environment, Fisheries and Aquaculture Science (Cefas) to Rapala VMC Corporation.

  

Kiotech is retaining its licensing rights for the technology to the global aquaculture and commercial fishing markets under the Aquatice brand. The gross cash consideration is €900,000 (US$1.3 million). Sales of Ultrabite represent a small part of overall Group sales and the Board of Kiotech considers this disposal to be in the best interests of shareholders.

 

This transaction fits well with the company's strategy of supplying feed additives and nutritional products to the farmed meat and fish protein industries where global population growth and increased wealth in developing countries are expected to drive demand for meat and fish. 

 

In September, Kiotech completed the acquisition of Optivite, animal nutrition and feed additive businesses in UK, and the integration of that business is proceeding according to plan.

 

Richard Edwards, chief executive of Kiotech, commented: "This is very good news for Kiotech.  Sports fishing is a fragmented global market and this disposal enables Kiotech to focus exclusively on the exciting potential of the global aquaculture and agriculture markets".

 

Kiotech is a British biotechnology company in partnership with the UK Government agency Cefas (Centre for Environment, Fisheries & Aquaculture Science).

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