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
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