Evans & Tate re-born as tech stock

ETW Corporation, the listed shell of winemaker Evans & Tate, is planning to change its name to Alexium International Group after agreeing to buy a UK company developing a patented process called 'reactive surface technology'.

The deal has been put together by Viaticus Capital's Gavin Rezos, who previously ran nanotechnology company pSivida.

In both cases, Mr Rezos has used a listed Australian shell company to acquire an innovative international technology.

Alexium's reactive surface technology (RST), developed for the United States Air Force, is a treatment applied to standard textiles to provide protection to soldiers in the event of a chemical or biological threat.

It was awarded the world's best technology this year.

The US Air Force, which has invested $US35 million into the technology, has assigned all RST rights exclusively to Alexium, and both parties operate subject to a collaborative research and development agreement, which is yet to be executed.

ETW plans to acquire Alexium Ltd on a 100 per cent scrip basis and will conduct a $4.5 million capital raising as part of the acquisition. Shareholder approval is needed for the transaction with a meeting scheduled for later next month.

ETW shares are expected to resume trading on Monday.

Mr Rezos will chair the company and current directors Aaron Finlay and Nadine Donovan will resign from the board on completion of the transaction.

Craig Smith-Gander will remain on the board with Steve Ribich and Stefan Susta to join him.

Trading of ETW shares were suspended from in 2007 when Evans and Tate went into receivership. The company was released from external administration in June 2008 as ETW under a deed of company arrangement.