Re Contract
December 16 2003 - 6:08AM
UK Regulatory
RNS Number:3031T
Crown Corporation Limited
16 December 2003
16 December 2003
Crown Corporation wins major security contract
- Value of over US$70m
Crown Corporation Limited ("Crown" or "the Company"), the AIM listed active
management company (AIM: CCO), announces today that it has won a major contract
for the provision of security products and services, to a total value at
completion of approximately US$70 million. In view of sensitivities surrounding
the secure implementation of these products and services, no further details can
be revealed at present.
This is the second transaction to be announced by Crown since it listed on AIM
in October 2003. As with the first contract, relating to the provision of waste
management and water treatment infrastructure and other construction projects in
Argentina, Crown intends that the security contract should be fulfilled largely
by companies in which Crown plans to take substantial equity interests, as part
of its strategy to restructure and turnaround underperforming businesses in the
North American marketplace.
The award of this contract, which represents a continuation of the first phase
in the development of Crown's business, means that Crown will be in a strong
position to improve the sales and marketing of its investee companies. It also
highlights an integral part of Crown's proposition to use its international
contacts base to generate new business for the companies in which it is going to
take substantial interests, particularly in emerging markets and fast growing
industries such as security where there is the potential for high growth.
Dr. Mariusz Rybak, Executive Chairman of Crown, comments: "The security industry
is a high growth sector on a global basis. International factors, such as
terrorism, have placed a heightened emphasis on the provision of security
services. As such our entrance into this market opens a realm of business
opportunities for Crown and our future investee companies."
Crown intends to fill a niche in the market for an investment company, which
will take on a highly active management role for the companies in which it will
invest. Crown has put together a team of investment experts who have spent time
analysing quoted companies on the North American markets and drawn up a short
list of suitable investment targets. Preliminary negotiations have commenced in
relation to a number of these targets.
Ends
For further information, please contact:
www.crowncorporation.com
Investor & Media Relations
Simon Robinson / Cathy Malins
Parkgreen Communications Ltd
Tel: +44 20 7287 5544
Note to Editors:
Crown's strategy is to build shareholder value by developing businesses in which
it will acquire substantial, usually majority stakes, with the potential to
generate high margins. The Company believes that by actively maximising the
value of its assets, it will see this value growth reflected in its share price
on the AIM market.
Crown will rely upon a number of outside advisers and consultants with
experience in particular industries to provide advice or to assist in the
restructuring and management of investee companies. The Company will achieve
this by changing or providing management, introducing additional capital and
developing new business strategies in order to create superior performance and
substantial equity growth.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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