Canadian firm raises funds to service new contracts

Canadian firm raises funds to service new contracts

FIA Jan04.qxd 19/01/2004 10:00 Page 14 (Black plate) Filtration Industry Analyst NEWS/ECONOMIC REVIEW Continued from page 13 biotechnology and ...

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FIA Jan04.qxd

19/01/2004

10:00

Page 14

(Black plate)

Filtration Industry Analyst

NEWS/ECONOMIC REVIEW

Continued from page 13 biotechnology and cosmetic applications. The new entity will operate from the headquarters of mg’s subsidiary Niro Pharma Systems in Columbia, Maryland, USA. mg technologies ag is in the process of divesting its holding in the chemical industry to concentrate its focus on its process technology and components businesses (FIA, November 2003). It is also streamlining its multi-layered holding company structure, a process that will merge the functions of mg’s holding company and those of GEA AG (FIA, December 2003). GEA Liquid Processing originates from the former GEA Liquid Processing Division activities, notably Tuchenhagen North America, and will take over all of its process integration activities. These activities typically start at the conceptual level with liquid process development, through detailed engineering, to manufacturing and delivery of modular liquid plants and automation that can be integrated into a plant-wide operation. In addition to the Columbia plant, GEA Liquid Processing will also have access to Niro’s workshop in Hudson, Wisconsin, USA.

CANADIAN FIRM RAISES FUNDS TO SERVICE NEW CONTRACTS Canadian water treatment firm H2O Innovation (2000) Inc has raised C$1.2 million in working capital to service a number of new contracts it has been awarded in recent months. The firm has completed a private placement of convertible debentures with a total value of C$1 million, and has also taken out a three-year loan for C$200 000 to raise the finance.

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January 2004

The fund raising closely follows the company’s announcement of new contracts totalling C$1.9 million, signed in the quarter ending 30 September 2003, including a C$1.0 million deal to supply Métallurgie Magnola with a reverse osmosis water treatment system.

MET-PRO SIGNS BIOSCRUBBING LICENSING AGREEMENT Met-Pro Corp has signed an exclusive license agreement with BNF Aromatrix Pte Ltd to market, sell, manufacture and use its AroBIOS bioscrubbing technology throughout the Americas. The agreement provides Met-Pro’s Duall Division with exclusive territorial rights for North, Central and South America including the Caribbean area, as well as the Hawaiian Islands and all US territories. Raymond De Hont, MetPro’s chairman and CEO, said the AroBIOS process has been proven and tested at several wastewater treatment plants. Unlike conventional gas scrubbers, he said the AroBIOS technology does not require the use and storage of chemicals making it a more environmentally friendly odour control method. “This agreement illustrates Met-Pro’s continuing efforts to constantly improve our product offerings to the customer,” said De Hont. “We believe the AroBIOS biological process technology will not only strengthen Duall’s already strong presence in the odour control market but will also become the system of choice for many customers who prefer the use of biotechnology.” Dr Lawrence Koe, a world-renowned odour management expert and professor at Singapore’s Nanyang Technological University, developed the AroBIOS process.

ECONOMIC REVIEW Moderate to strong economic recovery lies ahead in the OECD area according to the organization’s latest composite leading indicators (CLIs). November 2003 OECD data show continued strong improvement in the USA and better performance in the Euro-zone, particularly for the German and French economies. Overall the CLI for the OECD area gained 0.8 points in November to 123.1, up from a revised 122.3 level in October. The six-month rate of change is also up significantly since April 2003, following a decline that began in May 2002. US CLI increased by 1.8 points in November, while the six-month rate of change showed substantial gains for the eighth consecutive month. For Canada the CLI was unchanged in November, but its six-month rate of change was down, following increases for the previous six months. The Euro-zone’s CLI increased by 0.7 points in November and its six-month rate of change was up for the seventh consecutive month, following 11 straight months of declines. The CLI for France increased by 1.1 points in November while its sixmonth rate of change has shown gains for the past eight months. Germany’s CLI rose by 1.4 points in November and its six-month rate of change has posted strong increases over the past seven months, after 11 months of declines. The CLI for Italy was down by 0.8 points in November and its six-month rate of change fell for the second consecutive month, after delivering increases for the previous five months. UK CLI remained unchanged both in November and in terms of its six-month rate of change, following

seven consecutive months of increases. At the same time, the Japanese economy’s CLI fell by 0.3 points in November and its six-month rate of change was down for the second consecutive month, following five months of gains.

EXCHANGE RATES AGAINST THE US DOLLAR Date: 9 January 2004 COUNTRY Australia

RATE A$1.29

Austria

0.78

Belgium

0.78

Canada

C$1.27

China

Yn8.28

Denmark

DKr5.80

Finland

0.78

France

0.78

Germany

0.78

India

Rs45.44

Italy

0.78

Japan

¥106.45

Malaysia

Rt3.80

Netherlands

0.78

Norway Philippines Singapore South Africa

NKr6.73 Peso55.31 S$1.69 R6.75

South Korea Won1181.60 Spain

0.78

Sweden

SKr7.09

Switzerland

SFr1.22

Taiwan

T$33.73

Thailand

Bt38.99

UK USA

£0.54 US$1.00