23/03/2004 - 21:00

APT hastens ASX listing plans

23/03/2004 - 21:00

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LOCAL nanotechnology developer Advanced Powder Technologies has accelerated plans for an Australian Stock Exchange listing, advertising for a chief financial officer to assist with the plans to float within the next six months.

While remaining tight-lipped on the value of the equity raising, APT business development manager Brian Innes confirmed the recruitment move signalled the company, a spin-out for University of Western Australia research, had decided to expedite the process of becoming a public company.

The company has raised more than $640,000, and WA Business News understands the APT board is currently assessing a attractive deal regarding its technology – having already signed up some of the world’s most consumer-friendly brands.

“We are accelerating our plans in regards to an IPO and are now looking for talent to assist the company,” Mr Innes said.

“We are hiring a CFO with the intention of floating the company in the next six months.”

Speaking to WA Business News  in December last year, Mr Innes said, at that time, the company had two equity raising strategies. One was to raise $10 million with $5 million in equity, while the other was to raise a smaller amount, about $2 million, and go public.

“The $10 million strategy was something we were keen on six months ago when the idea of listing wasn’t so attractive. Now people are saying the hands are coming out of the pockets and the stock market is a better place to go,” Mr Innes said in December.

He would not discuss which, if either, of those strategies the company had selected.

Advanced Power Technologies started life as a research project at the University of Western Australia in 1997 and now produces three branded nanoproducts – ZinClear, Alusion and NanoZ.

ZinClear is transparent zinc and was APT’s first branded product, which is currently being used by several sun screen manufacturers. It is also used in Perth-born model Megan Gale’s Invisible Zinc product.

Alusion was designed for the cosmetic industry.

APT has signed deals with Avon and Revlon and has distributors in Europe, Japan and the US.

NanoZ is a transparent UV protector for timber. Developed in conjunction with another WA-based company, Bondall, Monocel is a clear timber coating that extends the life of outdoor timber products.

Monocel was launched earlier this month and can be used on outdoor house fixtures, doors and furniture.

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