M2G sale to US Distributor
Sabien Technology Group plc (AIM: SNT), the manufacturer and supplier of M2G, an energy efficiency technology, is pleased to announce that it has received an order for £125,000 from its US distributor Greffen Systems, Inc. ("Greffen") for the supply of M2G units. The units are scheduled to be shipped in August and the revenue will consequently be reflected in the results for the next financial year to 30 June 2012.
Greffen is a subsidiary of SE Global S.A. which has a holding of 12.4% of Sabien's issued share capital and as such, under the AIM Rules, the sale is deemed to be a related party transaction. The sale to Greffen is an ordinary course transaction of a revenue nature and has been carried out on normal, arms-length, commercial terms. The Directors consider, having consulted with its nominated adviser, that the terms of the transaction are fair and reasonable insofar as the shareholders of Sabien are concerned.
Alan O'Brien, Chief Executive of Sabien, commented:
"I'm very pleased to see that Greffen's sales strategy is now beginning to deliver for them. We have now received orders totalling £300k from them this financial year. I look forward to updating the market on the positive progress Greffen is making with M2G in the USA in due course."
For further information:
Sabien Technology Group plc
Alan O'Brien, CEO Tel: +44 (0) 207 993 3700
Gus Orchard, CFO www.sabien-tech.co.uk
Phil Frame Tel: +44 (0) 845 505 4343
Adrian Reed www.altiumcapital.com