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aust innovations!!!!!!!!!!

  1. ytrade

    1,430 posts.
    AUSTRALIAN INNOVATION LIMITED. 2003-01-24 ASX-SIGNAL-G

    HOMEX - Sydney

    +++++++++++++++++++++++++
    The Directors of Australian Innovation Limited ("AIL") are pleased to
    announce that its 72% owned subsidiary Dulhunty Engineering Limited
    ("DEU") has today signed a Share Sale and Purchase Agreement to
    acquire a new wholly owned subsidiary.

    The acquisition of the new company is subject to satisfactory
    completion of Due Diligence and on completion of Due Diligence a
    meeting of AIL shareholders will be called to approve the
    acquisition.

    The new acquisition is consistent with the new investment policy
    adopted by AIL to grow the Company by acquiring cash flow positive
    and profitable businesses to compliment its existing operations. The
    first investment under this new corporate policy, announced in May
    2002 and completed in August 2002, was the acquisition through its
    wholly owned subsidiary Dulhunty Power Limited ("DPL") of Dulhunty
    Engineering Limited ("DEL") and its wholly owned subsidiary Dulhunty
    Yangzhou Line Fittings Co, Ltd ("DYLF") which manufactures at its
    foundry at Jiangdu in the Jiangsu Province, high quality cast line
    fittings and related products for the power transmission and
    distribution sector. If the acquisition proceeds, the new company
    will be wholly owned by DEL along side the manufacturing division
    DYLF. Together, the two business lines provide AIL with significant
    opportunities in the energy sector - low cost manufacturing in China,
    research & development in Australia, deep energy sector
    relationships, highly experienced and recognised management team,
    proprietary products, profitable core earnings base in power line
    fittings and significant upside potential in the emerging sector of
    distributed generation.

    The acquisition is to be funded by DEL from its own cash resources
    and by further capital subscribed into DEL by the DEL shareholders,
    including AIL. AIL's contribution is expected to be approximately
    $950,000.




    Only 33,000,000 shares on issue, interesting
    Good Trading
    Ytrade

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