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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Cartucho | LSE:CTGP | London | Ordinary Share | GB00B0R2GC21 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7662V Cartucho Group Ltd 16 December 2005 Not for release, publication or distribution in whole or in part, in or into The United States, Canada, Japan, The Republic of Ireland or Australia Press Release 16 December 2005 Cartucho Group Limited ("Cartucho" or "the Group") Cartucho joins AIM Cartucho Group Limited, a growing developer and manufacturer of ink refill kiosks, today announces the commencement of dealings of its Ordinary Shares on the AIM market (AIM) of the London Stock Exchange. Collins Stewart is acting as Nominated Adviser and Broker to Cartucho. The stock market EPIC is CTGP. Admission Statistics Issue Price 20p Number of Placing Shares being issued 50,000,000 Proportion of the enlarged issued Share Capital being issued under the Placing 55.6% Number of Ordinary Shares in issue at Admission 90,000,200 Gross proceeds of the Placing #10 million Market capitalisation of the Ordinary Shares on Admission at the Issue Price #18 million Estimated net proceeds of the Placing to be received by the Company #8.8 million Reasons for the Placing and Admission Cartucho is seeking Admission and conducting the Placing to further build the Company, repay debt; provide working capital to fund the roll-out of the OfficeMax Contract; transfer certain IP rights into the Group and raise its corporate profile. Cartucho has signed a major contract with OfficeMax, the third largest office supplies chain in the USA, to roll out its kiosks across OfficeMax's flagship stores throughout the USA, subject to certain performance conditions. Mike Willcocks, Chief Executive Officer of Cartucho, said: "We are delighted to see the start of dealings in Cartucho shares on AIM. Cartucho is one of the first companies to market a complete retail ink refill kiosk and the deal with OfficeMax demonstrates keen interest from our target market. We are well placed to secure similar contracts with other national office supplies retailers as well as large supermarkets, pharmacies and franchise chains in both Europe and the US. The listing provides us with the opportunity to reach the next stage of growth." Cartucho is an applied technology business specialising in the design, sale and support of an ink cartridge refill system (the "kiosk"). The kiosk is a stand-alone automated system specifically designed for the retail environment. The kiosk enables retailers to refill consumers' cartridges on-site, to a high quality, within minutes and with substantial savings over an Original Equipment Manufacturer ("OEM") cartridge. The kiosk is capable of refilling the majority of the more popular ink jet cartridges currently available on the market and is connected to Cartucho's support centre. This key feature will enable Cartucho to upgrade machines remotely to cope with new technology from the OEMs and the introduction of new OEM products. Currently, there are three types of replacement cartridges: brand new cartridges from OEMs, for example HP, Lexmark and Dell; new cartridges from non-OEM companies; and remanufactured and refilled cartridges. Cartucho's strategy is to target the remanufactured cartridges and refill market which has been estimated to be worth US$4.4 billion, 20% of the total global ink cartridge market (US$22 billion). Whilst the OEM market has continued to grow, there is evidence that consumers are seeking cheaper alternatives. Integrating the kiosk into stores offers many potential benefits to the retailer, including: reducing the need to carry large quantities of stock; enabling in-store own branding; and increased footfall as customers travel specifically to refill their ink cartridges. Cartucho is incorporated in Jersey with its headquarters in Slough, UK and comprises (inter alia) a research and development company in Malaga, Spain and a US maintenance and call centre company. - Ends - For further information: Cartucho Group Limited Mike Willcocks, Chief Executive Tel: +44 (0) 799 0505 999 Collins Stewart Limited Stephen Keys, Corporate Finance Tel: +44 (0) 20 7523 8312 skeys@collins-stewart.com www.collins-stewart.com Media enquiries: Abchurch Heather Salmond / Chris Munden Tel: +44 (0) 20 7398 7700 chris.munden@abchurch-group.com www.abchurch-group.com Note to Editors Cartucho is the holding company for a growing applied technology business specialising in the design, sale and support of a system which refills printer ink cartridges. With over 1.3 billion inkjet printer cartridges forecast* to be sold this year, the founding shareholders recognised the opportunities that exist for a system capable of refilling spent cartridges. The Group designs and produces its ink refill kiosk (the "kiosk"), which is capable of refilling a significant majority of popular inkjet printer cartridges on the market. The Group's principal objective is to enter into revenue sharing agreements with major retail chains which sell cartridges, with the kiosk providing an in-store cartridge refilling solution. The Directors believe that the growing number of smaller walk-in shops specialising in cartridge refilling has taken some market share away from the larger office supplies retailers and that the kiosk offers a means of partially reversing this trend. In September 2005, the Group signed an agreement to supply the kiosk to OfficeMax, which, with nearly 1000 stores, is the third largest office supplies retail chain in the United States. Inkjet cartridge market The Directors believe that the decrease in the cost of new inkjet printers, the recent growth in working from home and increased use of the internet have been factors in the increase in the number of inkjet printers in use, which, together with the increase in digital photo printing in the home, have driven the growth in ink consumption. When buying a replacement cartridge, consumers have the choice of the following main products: * OEM cartridges - many of the companies which manufacture printers, including HP, Lexmark, Dell and Canon, also manufacture and market cartridges. Typically these OEM cartridges are the most expensive means of replacing cartridges; * Compatible cartridges - new cartridges manufactured by non-OEM companies which are, typically, cheaper than OEM cartridges; and * Remanufactured cartridges - used OEM cartridges that are collected in bulk, refilled, repackaged and sold at a discount to OEM cartridges or compatible cartridges. According to the Lyra Reports, over 1.3 billion inkjet printer cartridges ($22 billion) are expected to be sold worldwide in 2005, with approximately one third of these sales being made in North America. Of the cartridges sold in North America in 2004, approximately 23 per cent. were remanufactured/refilled*. This number is forecast* to grow to 31 per cent. by 2009. Whilst the Directors believe remanufactured cartridges to be a growth area of the market, they also believe there to be inherent challenges associated with such products. The economic collection of sufficient bulk quantities of empty cartridges remains a hurdle for remanufactured cartridge suppliers and the issue of quality continues to be a concern for retailers and customers since empty remanufactured cartridges are often collected from large deposit bins, with a consequential risk of damage to the cartridge. In recognition of these problems, and with the benefit to the consumer of lower pricing offered by refilled cartridges, there has been strong growth in recent years in walk-in retail refill shops, where customers produce their spent cartridges to be refilled while they wait. The Directors believe the "refill" approach to have the following key advantages over remanufactured cartridges in that: * the retailer does not have to pay for the empty cartridge; * the consumer has the comfort of knowing the history of the cartridge; and * cartridges are more likely to have expired shortly before being refilled. Recent expiration or"wet fill" has been proven to aid the refilling process and reduce failure rates. However, the surveys reviewed in the Lyra Reports show customers to favour remanufactured cartridges over refill cartridges for quality and performance reasons. The Directors believe that the use by certain refill suppliers of unsophisticated technology and rudimentary refilling techniques, which are often carried out in a non-vacuum environment, are the principal reasons for the relative lack of quality and consistency. The kiosk Having identified the market need and opportunity for a system capable of refilling a walk-in customer's cartridge quickly, whilst providing a quality product, the Group has designed and manufactured the kiosk. With what the Directors believe to be an industry-leading technology, the kiosk is aimed at large retail chains that may have been subject to competition from the walk-in refill shops. Following a simple training programme, shop assistants in these outlets will be able to refill a consumer's cartridge using a computer led touch screen in approximately two to four minutes, in vacuum conditions and with minimal trauma to the cartridge itself. The system then tests the cartridge, enabling the consumer to be sure that the cartridge is working correctly before leaving. The Directors believe the kiosk has a lower failure rate than competing refill machines. The kiosk is designed to be upgradeable to enable it to keep track of foreseeable changes in technology from the OEMs and the introduction of new OEM products. The kiosk has an in-built computer allowing its software to be upgraded remotely from Cartucho's operations headquarters via the internet. Operator service support is also available via VoIP where appropriate broadband connection is available. The kiosk is able to send out daily performance reports with statistics such as number and type of refills and other data. Competition The Directors are aware of a number of companies offering a variety of ink cartridge refilling solutions in what is still a fragmented and immature market. These range from simple syringe and ink packs which can be used by the consumer, through to high volume production machines used in the remanufacturing industry. However, the Directors believe that the design, flexibility, ease of use and applied technology of the kiosk make it a particularly suitable system for deployment in large retail stores. The Directors believe the kiosk to be quiet in operation, versatile, clean, and capable of handling significant volumes. The Directors consider that the ability to physically and digitally integrate into retailers' facilities and systems is highly valued by such retailers. The Directors believe that the more established manufacturers of ink refilling machines have focussed primarily on franchise opportunities and factory production environments and, as such, their machines have not been optimised for deployment in a mass retail market. Companies which the Directors regard as potential competitors in a fragmented market include Ramora, Inkjet Cafe, InkJet Factory, Thai France and TB Acessorios. Legal environment and IP Patent protection is being sought on an international basis in respect of the VoIP element of the kiosk. This patent is in application phase and has not yet been published. The UK application will vest in the Company conditionally on Admission and was filed at the UK Patent Office on 12 November 2004. The Company also filed an international application designating all available states under the Patent Co-operation Treaty on 14 November 2005. Some of the elements of the ink cartridge refilling station are protected by unregistered IP rights such as copyright, design right and confidential information only. The know-how required to manufacture and assemble the refilling station is also part of the kiosk's IP. Arrangements are in place to assign all of these IP rights to the Company conditionally on Admission. The test printers are key components of the kiosk. The intellectual property rights in the test printers are owned by one of the Group's key suppliers, Circad Design Limited but the Group has options to acquire this IP in certain circumstances. In the US, some state law, as well as pending Federal legislation, renders any provision in agreements prohibiting the reuse, remanufacture or refill of inkjet cartridges unenforceable as a matter of public policy. The Magnusson-Moss Act in the US prohibits printer manufacturers from making their written or implied warranties conditional upon the consumer's use of only "authorised" OEM cartridges. Manufacturers may exclude liability for defects or damage to printers caused by "unauthorised" cartridges but only if it can be demonstrated that the "unauthorised" cartridges caused the defect or damage. Cartucho has conducted searches for third-party patent rights in the US with respect to the kiosk and the ink Cartucho uses to refill the cartridges. Based on the results of these searches, the Directors are not aware that any third-party patent rights would affect materially Cartucho's operation of the kiosk in the US. The Group is trading under the name "Cartucho". The Group has not applied to register this name as a trade mark. All IP rights in the Group's current logo have been assigned to the Company by the designer commissioned to create the logo. Directors Cartucho has a Board with strong operational and industrial expertise complemented by international experience. Ian Diery, non-executive Chairman (aged 56) Ian has held a number of senior executive positions in leading global technology corporations and joined Wang Laboratories in 1978, becoming Executive Vice President worldwide by the time he left the company to join Apple Computers in 1989. As Executive Vice President at Apple, Ian was responsible for worldwide finance, sales, marketing, manufacturing and hardware engineering of Macintosh products. Ian is a founder of eScrip, a marketing company specialising in loyalty programmes for large retailers, where he is Chairman & CEO. He is also a non-executive director of The Timberland Company. A native Australian, Ian moved to the US in 1986. Michael Willcocks, Chief Executive (aged 57) Mike has more than 25 years experience in high technology products and services businesses, and extensive experience in International Management roles. Mike joined Wang Laboratories in 1976 and in the 12 years that he was with the company, he held a number of sales, sales management and operational support roles in the UK and US. On returning to the UK in 1989, Mike joined Interleaf Inc., a document management software company where he held the positions of Managing Director U.K. and General Manager Northern Europe. In 1993, Mike joined Apple Computer as Vice President Global Accounts, and was thereafter appointed to the role of Enterprise and Government Marketing. Mike subsequently became Vice President Asia Pacific for AST Research Inc. and Vice President Gateway Partners of Gateway Inc., based in the US. In 1999, Mike joined FORE Systems as Vice President EMEA, and, following the acquisition of FORE by Marconi, Vice President of Marconi International. Mike subsequently was a founder of a technology consulting and executive search company and a company specialising in security software. Mark Fletcher, Finance Director (aged 38) Mark qualified as a chartered management accountant in 1995 and has more than ten years' experience in international services businesses. In 1993 he joined United Communications Group and remained there until he moved to Axon Group plc as Group Finance Manager in 1997. In 2001, Mark was appointed Chief Financial Officer of Vio Worldwide Limited before moving to Mobiltron (Europe) Limited as Finance Director in 2003. Earlier this year Mark was appointed interim Finance & Systems Director of People 1st. Mark is a director of TMS Research Limited. Roger Pellew, executive Director (aged 49) Having started his career with Mann Egerton in 1974, Roger joined the management buy out of UK self catering holiday company, Vere Leisure Limited in 1986, the holding company of English Country Cottages. Vere was sold to Country Holiday Group in 1995. Since that time Roger has pursued a variety of business angel investments and he is a founder investor in Cartucho Holdings Limited. Joseph Norberg, non-executive Director (aged 59) Joseph's early career was in computing but he joined Ernst & Young as a junior accountant in 1971, becoming a senior manager by the time he left to join Wang Laboratories in 1979 as European Controller based in Brussels. He returned to the US in 1982 and was later promoted to Vice President, Controller of US Operations. In 1986 Joseph was appointed Chief Financial Officer of Hill, Holliday which was sold to Interpublic Group in 1998. Joseph is chairman of the audit committee of Dana-Farber Cancer Institute, a principal teaching affiliate of Harvard Medical School and a federal cancer centre. Peter Richardson, non-executive Director (aged 49) Peter is resident in Jersey, Channel Islands. A director of regulated Trust Companies in Jersey, he also acts as director of fund management and special purpose structured finance vehicles. He has previously been Corporate Trust Manager at The Royal Bank of Scotland Trust Company (Jersey) Limited. Prior to this position he had more than ten years' experience with major international banking groups holding senior positions at each. * -Source: The Lyra Reports This information is provided by RNS The company news service from the London Stock Exchange END AIMBRBDDSUBGGUU
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