HPT High-Point Ren.

RNS Number:8360M
High-Point Rendel Group PLC
8 November 2001


                         High-Point Rendel Group plc

                    HIGH-POINT RENDEL FORMS JOINT VENTURE

                   COMPANY OFFERING ULTRA-HIGH-AVAILABILITY

                        POWER TO INTERNATIONAL MARKETS


Further to its interim statement of April 2001 High-Point Rendel Group Plc
("HPR"), the international business, management and technology consultancy, is
pleased to announce that it has entered into a series of detailed transaction
agreements with the US based Sure Power Corporation Inc. ("Sure Power"). Under
the agreements, a joint venture company has been formed between Sure Power and
HPR which has exclusive rights to market and sell Sure Power Corporation's
ultra reliable on-site electricity generation systems to the international
market outside North and South America.

Some salient points of these agreements are:

(a) the joint venture company will be called Sure Power International LLC. Its
    first subsidiary, Sure Power International (UK) Limited has been formed and
    is based in Bristol. Other subsidiaries will be formed to respond to demand
    in targeted locations;

(b) the equity interests in the joint venture company are 52% for Sure Power
    and 48% for HPR and net distributable cash is to be allocated 50% to Sure
    Power and 50% to HPR.

(c) The joint venture provides for a target revenue to be achieved during the
    initial 6 year period beginning January 2001. If the joint venture company
    achieves this target the joint venture will continue. Sure Power has the
    option to purchase HPR's interest in the joint venture if the target is not
    achieved.

(d) In addition to its equity interest in the joint venture company, HPR will
    receive as a marketing fee a cash commission on the actual gross revenue of
    the joint venture company and obtain rights to exercise a warrant to
    purchase and register up to a maximum of 5,760,000 shares of Sure Power
    Corporation common stock. The actual number of shares will be calculated by
    reference to the actual gross revenues of the joint venture company in the
    initial 6 year period.



Commenting on the details, Kelvin Hingley, Chief Executive said,

" There is significant interest in the Sure Power's ultra reliable generation
systems and a number of enquiries have been received. This agreement cements a
base for Sure Power's future as a commercial product. Because of the lead-time
associated with capital asset programmes coupled with the introduction of new
technology into the market it is not possible to predict, at this stage, the
timing of any orders.

" We remain confident that the future for computer grade ultra reliable on
site electricity generation systems is very promising. Our early investment in
this exciting and potentially lucrative field will give High-Point a valuable
lead in this market."

                                    ends -

Date: 8 November, 2001

For further information contact:
High Point Rendel Group plc              City Profile

Kelvin Hingley, Chief Executive          Ed Senior

Bill Trendell, Finance Director          Simon Courtenay

020-7928-8999                            020-7448-3244

                                         edward.senior@city-profile.com

High-Point Ren. (LSE:HPT)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024

High-Point Ren. (LSE:HPT)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024